The European Union aims to reduce its dependence on Russian oil and gas by two-thirds by the end of the year and to zero by the end of 2027, EU Economic Commissioner Paolo Gentiloni told Il Messaggero daily in an interview published on Tuesday

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Gentiloni also said the EU would cut its growth estimates for 2022 from a previous target of 4%, with the EU set to release its Spring Forecast on May 16.

The International Monetary Fund last week had lowered the euro zone growth forecast for 2022 to 2.8% from 3.9% as a consequence of the war between Ukraine and Russia.

But Gentiloni said it was too early to say if the slowdown will lead to a stagnation, citing “some positive factors inherited from the second part of 2021” such as a significantly low unemployment level and a very high grade of savings buildup.

“The risk of stagnation will also depend very much on the duration of the war,” he added

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