Recital (6)

The exceptionally high gas prices resulted in high electricity prices and price increases for other energy products, leading to sustained high inflation. A deep economic crisis with negative growth rates in many Member States, caused by the high energy prices and volatility, endangered the economy of the Union, undermined consumer purchasing power and raised the cost of manufacturing, leading to risks to social cohesion and stability, and even to human life or health. The supply interruptions also led to very serious problems concerning the security of energy supply in the Union and forced 11 Member States to declare an energy crisis level under Regulation (EU) 2017/1938 of the European Parliament and of the Council. Benefitting from the Union’s dependency during that crisis, the Russian Federation’s manipulations of the market allowed it to achieve record-high profits from the remaining energy trade with Europe, with revenues from gas imports still accounting for EUR 15 billion in 2024. Those revenues could be used to finance further economic attacks against the Union undermining economic security. They could also be used to finance the war of aggression against Ukraine which constitutes a major threat to political and economic stability in Europe.