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EU currently unable to meet winter energy demands

Thursday, 14 July 2022 1:07 AM [ Last Update: Thursday, 14 July 2022 1:07 AM ]

Jerome Hughes

Press TV, Brussels

Europe is currently experiencing a heatwave. It means that overall energy consumption is lower than usual. However, winter is fast approaching. The EU has cut energy imports from Russia in retaliation for the war in Ukraine. The bloc has agreed deals with the US, Norway and Qatar to import liquified natural gas.

If these proposals fall short, the EU faces a major energy crisis this winter. Economists are already painting a very gloomy picture. Eurozone finance ministers claim all the blame rests with Moscow.

Analysts say EU leaders are hurting their own citizens by placing enormous sanctions on Moscow. At the same time Russia's economy seems to be performing well.

Aside from soaring energy and food prices in the EU, there is worrying volatility in financial markets. The European Central Bank is raising interest rates. The euro is currently very weak which has the effect of pushing up inflation even more.

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