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EU chief warns billions could be wasted if energy aid is not well targeted as the Iran war bites

The Independent·Lorne Cook·about 1 month ago
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European Union countries must funnel their energy aid chiefly to vulnerable households and industries or risk wasting billions of euros as the Iran war hits oil and gas prices, European Commission President Ursula von der Leyen warned on Wednesday. The U.S.- Israel war, combined with retaliation from Iran such as choking the Strait of Hormuz, is costing the EU almost 500 million euros ($600 million) a day, raising prices at the pumps and fears of a jet fuel shortage within weeks. Von der Leyen said the world’s biggest trading bloc must draw on the lessons of the 2022 fuel crisis – when Russia used its energy might against European countries to undermine their support for Ukraine – to avoid further hurting their economies. More than 350 billion euros “were spent on untargeted measures and this had a huge impact on member states finances,” she told EU lawmakers in Strasbourg, France.…

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