RT reported that Hungarian Prime Minister Viktor Orban spoke at the plenary session of the European Parliament in Strasbourg (France) on October 9 that the EU's refusal to buy Russian energy has paralyzed the bloc's economic growth.
Hungary is the country holding the six-month rotating presidency of the EU.
"The EU's productivity is growing more slowly than our competitors. Our market share in world trade is decreasing," said Prime Minister Orban.
The Hungarian leader pointed out that EU businesses are facing electricity prices two to three times higher than in the US and gas prices four to five times higher.
According to Prime Minister Orban, half of European companies consider energy costs as the main barrier to investment. In energy-intensive industries - which are important to the EU economy - output has fallen by 10% to 15%.
Leaving Russias energy source poses a danger to the EUs GDP growth, while significant financial resources must be reallocated to energy subsidies and the building of the infrastructure needed to import LNG, Mr. Orban noted.
The Hungarian Prime Minister added that the EU should not devices that the green transition will solve the problem. He cited research results showing that the share of fossil fuels will not change significantly until 2030.
The EU has said that eliminating dependence on Russian energy is one of the top priorities after the conflict in Ukraine broke out in February 2022.
Sanctions on Russia and the sabotage of the Nord Stream pipeline in 2022 have caused a sharp decline in Russian gas supplies to the EU. The European Union has had to replace it with more expensive liquefied natural gas (LNG) from the US and the Middle East.
According to the report, Russian gas accounted for more than 16% of the EU's import value in the first quarter of 2024, down from 40% in 2021. According to the Russian Energy Ministry, US LNG is 30-40% more expensive than Russian pipeline gas.
Before the conflict in Ukraine, Washington had been pressuring the EU for years to reduce its dependence on Russian energy.
In June this year, the EU banned a number of activities related to Russian LNG, including land clearance, ship-to-ship transfers and ship-to-shore transfers for the purpose of re-exporting to third countries via the EU.
Seaborne imports of Russian gas into the EU are still allowed via LNG terminals.
Former European Central Bank President Mario Draghi said last month that the EU's global economic competitiveness had been significantly eroded by the loss of cheap energy from Russia.
