European Commission President Ursula von der Leyen said that the closure of the Strait of Hormuz has significantly increased the European Union’s energy costs. According to her, the bloc has paid an additional €127 billion for oil and gas imports.
The economic consequences of the disruption to shipping through this strategic waterway were highlighted by von der Leyen during the “WinWin Brussels Summit”, held in Brussels and focused on start-ups.
“Europe has paid an additional €127 billion to import fossil fuels, but has received no additional energy. This entire cost is the result of the closure of the Strait of Hormuz,” she said.
Von der Leyen warned that dependence on imported energy leaves Europe more exposed to the effects of global crises.
“Importing oil and gas also means importing the impact of international crises and shocks,” the European Commission President said.
