Europe burns cash to help businesses

BERLIN/ LONDON:

Germany nationalised gas importer Uniper on Wednesday and Britain said it would halve energy bills for businesses in response to a deepening energy crisis that has exposed Europe’s reliance on Russian fuel. Russian President Vladimir Putin added to the upward pressure on energy prices by announcing a partial military mobilisation, in the biggest escalation of the Ukraine war since Moscow’s February 24 invasion. European governments had already earmarked almost €500 billion ($496 billion) in the last year to shield citizens and companies from soaring gas and power prices, according to research by think-tank Bruegel. Uniper has been among the biggest corporate casualties.

Published in The Express Tribune, September 22^nd, 2022.

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