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EU businesses buckling under surging energy prices

Wednesday, 19 October 2022 2:04 AM [ Last Update: Wednesday, 19 October 2022 2:04 AM ]

Jerome Hughes
Press TV, Brussels

Abdullah Ehsan runs a modest grocery store close to Brussels city center. He only uses three refrigerators and turns them off for part of the day. Customers are complaining to him about rising prices at the checkout. The store might be modest but his energy bills are certainly not.

The move by EU leaders to cut Russian gas imports by two-thirds is taking its toll. It costs a fortune to import Liquefied Natural Gas from the US. It's good for America but not for EU citizens. The European Commission wants the EU's 27 countries to buy gas as one single client by April.

The European Commission has just presented a new emergency regulation designed to fight high energy prices and ensure security of supply but many experts say it is clear sanctions against Moscow over the conflict in Ukraine will continue to backfire. As desperate citizens look to alternatives, extreme anti-EU political parties in the bloc are gaining ground.

It's for this reason that many analysts are saying, EU leaders might look back on their handling of the Ukraine-Russia question with enormous regret.

Billions of euro are being pumped by the EU into Ukraine's government and army. We do not hear any mention of peace negotiations. A countless number of business people in the EU, like Abdullah, are anxiously wondering for how much longer it will be feasible to keep their doors open.

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