The meeting began in the followingnoon with an agenda focused on addressing the situation in Ukraine and just following agreeing on a new package of sanctions adding 14 more oligarchs to the list of those punished. The EU also sanctioned 146 members of the Council of the Russian Federation, who ratified the so-called Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk and Lugansk People’s Republics. In total, the EU has punished 862 people and 53 organizations. Three Belarusian banks have also been excluded from the Swift and the export embargo on technologies for the maritime sector has been extended. And leaders are ready to go even further, as European and diplomatic sources warn, highlighting how the EU is leading the Western Front in this area even though it has not joined the veto on Russian oil, gas and coal purchases. announced by the United States and the United Kingdom.
Precisely if they have not joined, it is because Europe’s energy dependence on Russia is much higher than that of these two countries. And how to reduce this dependence will be one of the big debates of this informal summit. After the European Commission presented a shock plan to ensure that the EU can reduce this dependence by two-thirds this year, European leaders will address how and when this process should be carried out. European sources point out that there is a consensus on the need to move in this direction both through the energy transition to decarbonisation and the diversification of energy suppliers and energy sources, such as the commitment to liquefied gas. The same voices, however, admit that it is difficult to set a common date for this milestone due to the starting situations in this area. Hungary, for example, has already openly rejected any retaliation in Russia in the field of energy, because it is 90% dependent on its fuels.
However, on how to mitigate the impact that all this has had on the electricity bill for days, there are many options on the table yet to be activated, but the predisposition in Europe is much greater than when Spain first claimed blow a joint purchase of gas, a strategic reserve or revise the calculation of the price of light. Leaders will talk regarding it, but will not reach an agreement on it, but expect more concrete proposals from the European Commission ahead of the month-end summit in Brussels, when Madrid is confident that a more specific agreement will be reached for to be able to even detach the price of gas from that of light.
More investment in defense
The other major commitment that the leaders will seal is greater investment in defense of the entire EU bloc, a political commitment that will come following the EU first announced arms funding for the Ukrainian army with common funds. According to the draft statement they plan to issue, “Russian aggression is a tectonic shift in European history” and that is why Europe needs to take more responsibility for its security and move towards building more sovereignty. But to invest more in defense and alleviate the energy consequences of the war, money is needed, money that, according to Paris, can be obtained with a new debt issue such as the anti-pandemic recovery fund. However, the proposal has not been well received in Brussels or other capitals, which are betting on focusing reform plans along these lines.
Finally, one of the points where there can be more political debate is what response to the Ukrainian demand to join the EU. Community and diplomatic sources point out that this is a long and very complicated process that also requires responsibility on the part of the country that wants to be a candidate in economic, legislative and administrative terms. There is still no consensus in this area and it remains to be seen what the leaders will find in order not to discourage the citizens of a country at war.
