Paolo Gentiloni, the EU Economic Commissioner, indicated that Brussels expects Russia to honor contracts for the sale of oil and natural gas. After the Nord Stream 1 gas pipeline was announced to be cut indefinitely, the EU signaled it remained prepared for any scenario that could arise.
Gentiloni stressed that while the EU hopes Vladimir Putin will respect Russia’s commitments, the bloc is ready to respond to whatever developments unfold. The remarks came at Foro Ambrosetti, a conference on economic issues held in the northern Italian town of Cernobbio over the weekend.
On economic prospects, Gentiloni was candid about the uncertain outlook. He noted that predicting the year ahead is challenging. Growth could face headwinds in 2023, yet there is also a possibility that inflation will begin to ease within the year. The path forward is not clear, and past shocks such as the COVID-19 pandemic have already tested European resilience. The invasion of Ukraine added a new layer of risk, with the danger that inflationary pressures and a recession materialize. Against this backdrop, he argued that the EU must stay focused on growth, European Union unity, and the ongoing energy transition.
Furthermore, Gentiloni defended the European Commission’s initiative to establish a price ceiling on gas. He noted that divisions among member states are starting to show fissures, and that the Commission’s proposal could finally create room for consensus and progress. If small gaps between countries can be bridged, this mechanism would represent a significant policy breakthrough for stabilizing energy markets and protecting European households and businesses from volatile prices.