EU energy ministers to discuss response to situation caused by Middle East war
EU energy ministers will hold an informal video conference on Tuesday 31 March 2026 to formulate a common response to the effects of the Persian Gulf crisis on energy markets. Minister of Climate and the Environment Sari Multala will represent Finland at the meeting.
The ministers will discuss the security of energy supply, price trends and the European Union’s readiness to react to possible market disruptions. The aim is to form a common situation picture and to support the EU’s coordinated response amid increased uncertainty in the energy market.
“It is important to consider a common approach to the sharp rise in oil and gas prices caused by the crisis in the Persian Gulf. At the same time, we need to remember that the crisis affects Member States differently. Fuel prices have risen considerably in Finland too, which has a harmful impact on everyday lives and expenses of citizens and companies. However, we do not suffer from fuel shortages and the higher fuel prices have not caused a spike in electricity prices,” minister Sari Multala says.
“Finland has been able to phase out fossil fuels in its energy production almost completely, which means that higher fossil fuel prices do not affect the availability or price of electricity here. On the other hand, we still have work to do in the transport sector as the rising fossil fuel prices are putting pressure on commuters and commercial services, in particular. We are currently looking at the alternatives to find the most appropriate and cost-effective ways to respond to the crisis,” Multala adds.
According to Cyprus, the current President of the Council of the EU and convener of the meeting, the objective is to ensure that rising energy prices do not excessively harm Europe’s competitiveness or citizens’ wellbeing. Europe has already spent about EUR 13 billion more on fossil fuel imports since the start of the current crisis compared with a normal situation, Cyprus states.
The discussions are likely to explore possible temporary and targeted support measures for households and companies, energy saving initiatives, ways to strengthen security of supply and other means to alleviate price pressures and to ensure the stability of the energy market.
The Commission has previously emphasised that the selected measures should be reasonably priced and short in duration so as not to cause a long-term burden on public finances. Targeted measures should be directed at households and companies most impacted by the price increases instead of broad-based aid that is prone to distort the market and strain public finances.
The Commission reminds the Member States that Europe’s energy transition is a strategic objective and that no short-term crisis should undermine European climate goals.
Inquiries:
Riku Huttunen, Director General, Minister of Economic Affairs and Employment, tel. +358 50 431 6518 Elina Johansson, Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 50 301 4607
Juuso Kilpinen, Special Adviser to the Minister of Climate and the Environment, tel. +358 50 322 9636