EU leaders endorse $321B plan to replace Russian fossil fuels

EU leaders endorse $321B plan to replace Russian fossil fuels
# 31 May 2022 19:29 (UTC +04:00)

EU leaders endorsed on Tuesday the European Commission’s €300 billion ($321 billion) plan on replacing Russian fossil fuels, APA reports citing Anadolu Agency.

Speaking at a news conference following the two-day special EU summit, Ursula von der Leyen, president of the European Commission, praised the decisions to “phase out “the dependency on fossil fuels as soon as possible.”

She explained that the REPowerEU plan aims to branch out from Russian fossil fuel by joint purchases, securing gas supply through better interconnections, and generate a “massive investment in renewables.”

After discussions with EU leaders, the European Commission is proposing to “support it with €300 billion from EU funding,” she asserted.

The announcement comes after EU leaders reached a political agreement on the sixth sanctions package against Russia, which includes banning 90% of Russian oil imports by the end of this year.

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