EU to reduce dependency on Russia for oil and gas by 2027
The European Union (EU) has made known its intention at aiming at reducing its dependence on Russian oil and gas by two-thirds by the end of the year and to zero by the end of 2027.
According to EU Economic Commissioner Paolo Gentiloni who told Messaggero daily in an interview published on Tuesday, said the EU would cut its growth estimates for 2022 from a previous target of 4%, with the EU set to release its Spring Forecast on May 16.
The International Monetary Fund (IMF) last week lowered the eurozone growth forecast for 2022 to 2.8% from 3.9% as a consequence of the war between Ukraine and Russia.
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However, Gentiloni noted that it was too early to say if the slowdown will lead to stagnation, citing “some positive factors inherited from the second part of 2021” such as a significantly low unemployment level and a very high grade of savings buildup.
“The risk of stagnation will also depend very much on the duration of the war,” he added.
