economy
March 10, 2026
How are EU and member states reacting to energy crisis triggered by Iran war?
Prospect of Trump easing US sanctions on Russian oil is a nightmare for the bloc as nations work out how to respond
TL;DR
- The Iran war has caused global oil and gas flows to become chaotic, with oil prices reaching nearly $120 a barrel.
- The EU is concerned about the prospect of Donald Trump easing US sanctions on Russian oil, which could benefit Vladimir Putin.
- The European Commission has urged the US to strictly enforce the G7 price cap on Russian oil.
- Member states like France and Italy are inspecting petrol stations and considering taxes on companies profiteering from high oil prices.
- Germany and Austria are maintaining sanctions on Russia, prioritizing solidarity with Ukraine.
- Hungary and Croatia have announced price caps on fuel, and Hungary's leader has called for a suspension of sanctions on Russian energy.
- Other EU states like Sweden and Ireland are also experiencing the impact of rising oil prices on industries and consumers.
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