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EU plans emergency state aid rule change to address soaring energy costs
Change would make it easier for member countries to tackle fallout from U.S. war on Iran.
BRUSSELS — The European Union will this month release a proposal to ease state aid rules as part of a suite of measures to help member countries deal with the energy crisis caused by the Iran war, European Commission President Ursula von der Leyen said Monday.
It follows U.S. President Donald Trump's declaration Sunday that the U.S. would blockade the Strait of Hormuz after peace talks with Iran collapsed over the weekend.
EU governments have been clamoring for changes to state aid rules as the closure of the Strait of Hormuz, a vital conduit for a fifth of global energy trade has sent energy prices soaring and threatened supply issues. Since the war began, the war has added €22 billion to the EU's energy bill, von der Leyen said.
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