Russia’s war against Ukraine has entered a new phase. The Ukrainian Army is making spectacular advances, liberating many towns and villages and forcing Russian troops to retreat. While it remains to be seen how far the Ukrainian counteroffensive will go, it is already clear that the strategic balance on the ground is shifting.
Meanwhile, the European Union has fully mobilized to confront the energy crisis. We have filled our gas storage facilities to above 80% — well ahead of the Nov. 1 target date — and agreed to clear targets to reduce gas consumption through the winter. To help vulnerable consumers and businesses manage price surges, we are moving forward with proposals such as a windfall tax on energy companies that have made excess profits.
Moreover, in coordination with the Group of Seven and other like-minded partners, we are discussing plans to cap the price of Russian oil exports. And we are helping our partners in the Global South to handle the fallout from Russia’s brutal aggression and cynical weaponization of energy and food.
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