The EU estimated the cost of mitigating the impact of energy prices on people and businesses

BRUSSELS, 10 Oct – PRIME. The amount of spending by EU states to mitigate the pressure of high energy prices on residents and businesses is estimated at 0.5 trillion euros, according to a statement by the head of the European Council, Charles Michel.

He noted that the cost of energy imports to the EU in the first half of this year amounted to almost 380 billion euros, which is close to the usual cost of annual purchases.

“This has prompted EU governments to increase spending to soften the blow to their households and businesses. These budgetary efforts are currently valued at half a trillion euros and are growing rapidly,” he said.

The West stepped up sanctions pressure on Russia over Ukraine, which led to higher prices for electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin has previously stated that the policy of containing and weakening Russia is a long-term strategy for the West, and sanctions have dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people.