Breaking news

EU Unveils Energy Plan To Cut Costs And Reduce Gas Dependence

The European Union is accelerating efforts to secure energy independence and shield industries from volatile energy prices. Its latest strategy focuses on fast-tracking renewable energy development, reshaping the gas market, and cutting reliance on Russian energy imports.

Key Initiatives: Breaking Free From Russian Gas

The EU remains focused on diversifying its energy supply, particularly in reducing reliance on Russian gas. Although pipeline imports have plummeted in recent years, liquefied Russian gas (LNG) shipments to the bloc actually increased in 2024. Brussels aims to eliminate all Russian energy imports by 2027.

Next week, the European Commission will unveil a sweeping industrial support package, including plans to strengthen ties with LNG suppliers and expand infrastructure for exporting LNG. Strict market regulations will also be introduced to curb speculative trading that leads to price spikes.

Quote Of The Moment

“Instead of using taxpayers’ money to pay for Russian gas while the proceeds go directly to Vladimir Putin’s coffers, the EU should do everything possible to start producing its own energy. However, there is still a need for gas, and we will have to find sources other than Russia. This could also mean more imports from the US,” said EU Energy Commissioner Dan Jorgensen.

Europe’s New Energy Model

The US has become the EU’s primary LNG supplier, especially after the 2022 war in Ukraine drastically cut Russian gas flows. The European Commission does not purchase gas directly but is working on new strategies to secure stable, long-term LNG contracts modeled after Japan’s approach—where Tokyo finances export infrastructure to lock in favorable agreements.

Under EU law, existing gas contracts must end by 2049 to meet the bloc’s 2050 net-zero emissions goal. While renewable energy adoption is expanding, electricity prices remain linked to the cost of gas. The Commission is now preparing a demand-pooling mechanism, allowing European companies to negotiate collective LNG supply deals to hedge against market volatility.

The final version of the energy package will be officially released on February 26, with potential revisions before publication.

Navigating Tensions With The US

The EU’s energy transition is further complicated by geopolitical tensions with Washington. President Donald Trump has warned of trade tariffs if Europe does not increase oil and gas imports from the US. With EU-US trade reaching a record $1.29 trillion in 2021, any disruptions could have widespread economic consequences.

Trump’s administration is also ramping up tariffs on key European exports, including steel, aluminum, cars, and pharmaceuticals. Expected retaliatory measures from the EU could escalate tensions, further challenging Europe’s efforts to balance energy security with trade relations.

Eurobank Launches First UPI Cross-Border Payment From Greece To India

Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.

The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.

A Strategic Bet On India’s Digital Payments Ecosystem

According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.

UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.

“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”

He added: “Innovation creates value when it delivers a genuine benefit for the customer.”

Building A Financial Bridge Between Europe And India

The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.

Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.

Mumbai Office Serves As A Regional Business Hub

Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.

For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.

Aiming To Strengthen The India-Europe Corridor

Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.

“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.

eCredo
Uol
Aretilaw firm
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter