The EU wants to switch to the euro when paying for energy

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The European Commission is discussing with the EU countries the possibility of using the euro in payments for energy. Only 20% of contracts for the supply of oil and gas to European countries are denominated in euros, although the European Union is their largest importer in the world. The main currency in payments for energy remains the US dollar. The only exception is gas imported from Norway, for which payment is made in euros and pounds sterling. The European Commission points to the risks associated with changes in exchange rates that European companies are exposed to. Brussels’s concern is also caused by US-imposed import duties and quotas. The transition to the euro in payments for energy will contribute to a wider use of the euro in international trade, which, in turn, will strengthen the EU's influence on third countries.

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