The European Union aims to reduce its dependence on Russian oil and gas by two-thirds by the end of the year and to zero by the end of 2027, said European Economic Commissioner Paolo Gentiloni.
Mr Gentiloni also said the EU would cut its 2022 growth forecast from the previous 4 per cent target, with the EU publishing its spring forecast on 16 May.
However, he said it was too early to say whether the delay would lead to stagnation, citing “some positive factors inherited from the second half of 2021”, such as significantly lower unemployment and a very high savings rate.
“The risk of stagnation will also depend a lot on the duration of the war,” he added in an interview with Il Messaggero.
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