European Commission President Ursula von der Leyen said the effective closure of the Strait of Hormuz has cost Europe an additional €127 billion, or more than $142 billion, on imported oil and gas without increasing energy supplies. Russia’s share of EU gas imports fell from about 45% before the invasion of Ukraine to about 13% in 2025, with US and Middle Eastern LNG largely replacing the lost Russian supply. After a cold winter, EU gas storage stood at just 28.4% in late March, and the International Energy Agency warned it could fall below 10% by the end of March amid severe cold and continued disruptions. EU members are considering consumption limits, while officials expected oil and gas prices to remain above prewar levels until at least the end of 2027. Von der Leyen defended the goal of reducing dependence on imported fossil fuels and said the EU would maintain its targets of climate neutrality in 2050 and a 90% emissions cut by 2040.
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