EU fossil fuel import bill rises by $26B since start of Iran war

European Commission President Ursula von der Leyen said Monday that the European Union‘s fossil fuel import bill has increased by more than €22 billion (about $26 billion) since the start of the Iran war.

Speaking at a news conference in Brussels, she warned of the growing economic burden of fossil fuel dependence, saying import costs have surged over just 44 days amid geopolitical tensions affecting energy supplies.

She said supply disruptions have had an immediate and severe financial impact across the continent, with further pressure expected even if hostilities end quickly.

“This shows the enormous impact this crisis has on our economy,” von der Leyen said.

“We are paying a very high price for our overdependency on fossil fuels, and the reality for our continent is fossil fuel energy will remain the most expensive option in the years to come,” she added.

Iranian and US delegations concluded 21 hours of talks in Islamabad early Sunday without reaching an agreement.

More than 3,300 people have been killed in US-Israeli airstrikes on Iran since Feb. 28. Iran has launched retaliatory strikes on Israel, Iraq, Jordan and Gulf countries hosting US military assets before a two-week ceasefire was recently announced.