EU eyes new fund for energy investments to quit Russian gas

BRUSSELS (Reuters) – The European Union needs to review its budget and consider launching a new fund for the major additional energy investments needed to wean countries off Russian gas, European Commission President Ursula von der Leyen said on Monday.

“The question is whether it [the EU budget] is still fit for purpose, and a fresh look through a midterm review of the budget would open the door to create a sovereignity fund,” von der Leyen said.

Von der Leyen declined to specify if this new fund would require the EU to take out further joint debt, but said the bloc’s existing funds would need to be “augmented by other sources”.