Energy price rise wreaks havoc with EU budgets

Europe is faced the prospect of a difficult winter without assured gas supplies from Russia. PHOTO: REUTERS
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Surging energy prices are wreaking havoc on the budgets of countries that make up the European Union (EU), with the impact of subsidy programmes intended to keep fossil fuels affordable blunted by skyrocketing international market rates.

Europe united to impose punishing sanctions on much of Russia's economy in the wake of the Feb 24 invasion of Ukraine, but with the conspicuous omission of the energy sector.

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