The European Union faces the risk of further gas supply cuts from Russia, due to the Kremlin's weaponisation of gas exports, with almost half of our Member States already affected by reduced deliveries.  Taking action now can reduce both the risk and the costs for Europe in case of further or full disruption, strengthening European energy resilience. The Commission is therefore proposing today a new legislative tool and a European Gas Demand Reduction Plan, to reduce gas use in Europe...

Read more

'The partial shutoff of gas deliveries is already affecting European growth, and a full shutdown could be substantially more severe.' Russia’s invasion of Ukraine has further darkened the global growth outlook, with the European economy facing a serious setback given trade, investment, and financial links with the warring countries. Now, Europe is enduring a partial cutoff of natural gas exports from Russia, its largest energy supplier. The prospect of an unprecedented total shutoff is fueling concern about gas shortages, still...

Read more

Blog Post by Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy / Vice-President of the European Commission | Many ask whether the sanctions against Russia are effective. I would like to explain in this blog post why the clear answer is yes. Already the sanctions that the EU and like-minded partners have adopted are hitting Vladimir Putin and his accomplices hard - and their effects on the Russian economy will increase further. We need...

Read more

Thank you very much, and good morning everyone, particularly those online, but also those in the room. And as Klaus said, and thank you for the introductory remarks, as you said it is good that we can gather in physical presence but equally we have the opportunity to engage with more people online. Because the topic we are discussing is really important, so thanks to Yann and indeed Anne-Françoise, who will address us shortly, and indeed colleagues in DG FISMA for...

Read more

The Council today approved conclusions on EU digital diplomacy. Digital technologies have brought new opportunities and risks into the lives of EU citizens and people around the globe. They have also become key competitive parameters that can shift the geopolitical balance of power. The EU has a growing web of digital alliances and partnerships around the world. It is increasingly investing in digital infrastructure and, under the Global Gateway strategy, in supporting partners in defining their regulatory approach to technology...

Read more

The European Network of Transmission System Operators for Electricity announced today that electricity trade between Ukraine and the EU will start this week, on 30 June. I welcome this development that follows the successful emergency synchronisation of the Ukrainian and Moldovan grids with the European Continental Grid in March. This is the next step in integrating the energy systems of these two countries with Europe and has a special significance now that they have received EU candidate country status. Gradually...

Read more

The European Commission has today adopted a joint (High Representative-Commission) proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's six wide-ranging and unprecedented packages of sanctions against Russia. Today's “maintenance and alignment” package clarifies a number of provisions to strengthen legal certainty for operators and enforcement by Member States. It also further aligns the EU's sanctions with those of our allies and partners, in particular in the G7. Importantly, the package reiterates the...

Read more

Implementation of the international tax reform agreement to ensure multinational enterprises pay a fair share of tax wherever they operate is progressing, according to an OECD report delivered to G20 finance ministers and central bank governors ahead of their meeting in Indonesia later this week. According to the OECD Secretary-General Tax Report, Members of the OECD/G20 Inclusive Framework on BEPS have concentrated on the practical implementation of the landmark agreement to reform international tax arrangements reached by over 135 countries...

Read more

Speech by Vice Chair Lael Brainard at Bank of England Conference, London, United Kingdom on July 08, 2022 | Recent volatility has exposed serious vulnerabilities in the crypto financial system.1 While touted as a fundamental break from traditional finance, the crypto financial system turns out to be susceptible to the same risks that are all too familiar from traditional finance, such as leverage, settlement, opacity, and maturity and liquidity transformation. As we work to future-proof our financial stability agenda, it...

Read more

Russia’s invasion of Ukraine highlights the crisis and opportunity of the energy transition It is hard to look at a crisis like Russia’s invasion of Ukraine and see a moment of opportunity. We—to say nothing of Ukrainians—are still very much in a crisis, and a compounding one at that, with potential long-lasting economic and political consequences. It is similarly clear that talk of “opportunity” cuts both ways. Vested interests are often the ones that benefit the most from swift political action,...

Read more