Eu Day Light

Costa stated that the discussion focused on security and minimizing the impact on the global energy market. Costa also noted that together with European Commission President Ursula von der Leyen, they emphasized that maintaining the flow of energy through the Strait of Hormuz, which is of critical importance to the global economy, is a priority.

Costa stated that the implementation of the price cap mechanism on Russian oil would contribute to market stability and limit Russia’s revenues, adding that easing sanctions on Russia is not on the agenda under the current conditions.

European Council President Costa also welcomed the decision of the International Energy Agency to release an emergency oil reserve of 400 million barrels in order to reduce tensions in global energy supply. Costa reported that they agreed to work in close cooperation with partners in the region to prevent the expansion of the conflict and restore stability.