Finance ministers from European Union member countries have agreed financial offsets for households that are crushing fast-rising energy prices. Companies for which cost increases in the wake of Russia’s invasion of Ukraine should also be supported.
“The war in Ukraine leads to a rapid rise in commodity prices, especially natural gas and some food raw materials. It requires a coordinated response from the member countries of the European Union,” French Finance Minister Bruno le Marie said after talks by the heads of the state casino of EU countries. According to him, finance ministers agreed to ease the rules on state aid, which will affect not only households but also firms.
The aid strategy is meant to follow three aspects. Households should be able to draw fuel discounts, firms could receive some form of state aid (for example in the form of grants), the third measure has a long-term nature — pressure on reducing dependence on imports of energy commodities from Russia. “We need to achieve energy independence as soon as possible. That means accelerating investment in diversification of both resources and suppliers,” le Maire further said.
