European Commission President Ursula von der Leyen said the closure of the Strait of Hormuz has significantly increased the European Union’s energy costs. According to her, oil and gas imports have cost the bloc an additional €127 billion.
Von der Leyen highlighted the economic consequences of the disruption to shipping through this waterway during the “WinWin Brussels Summit”, held in Brussels and focused on startups.
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“Europe has paid an additional €127 billion to import fossil fuels, but has received no more energy. This cost is entirely due to the closure of the Strait of Hormuz,” she said.
Von der Leyen warned that reliance on imported energy leaves Europe more exposed to global crises.
“Importing oil and gas can also mean importing the impact of international crises and shocks,” the European Commission president said.
