European economy as a whole has proved resilient to the economic shocks of war in Ukraine - Dombrovskis

  • 2023-12-18
  • LETA/TBT Staff

RIGA - The European economy has generally proved resilient to the economic shocks caused by the war in Ukraine, Valdis Dombrovskis (New Unity), Executive Vice President of the European Commission (EC), told LETA.

He noted that the previous year had been the most difficult, both in terms of the withdrawal from Russian energy resources, imposing sanctions against Russian oil and coal, and Russia's own cut-off of gas supplies. Dombrovskis pointed out that the Nord Stream gas pipeline explosion should also be taken into account.

"The European Union (EU) had to redirect its energy supplies very rapidly and there were concerns about whether it would be possible to secure sufficient energy supplies last winter. A lot of work was done to redirect energy flows, and above all natural gas flows, and we managed to accomplish this," he said.

According to Dombrovskis, Norway is currently the largest gas supplier in the EU.