Former energy minister comments on Europe's energy dependence

On October 5, 2026, former Cypriot Energy Minister George Papanastasiou discussed the ongoing energy crisis and high fuel costs facing Europe. During an appearance on Sigma TV’s “Protoselido” program, he emphasized that the continent remains critically reliant on fossil fuel imports from regions outside of Europe, particularly following the cessation of natural gas supplies from Russia. Papanastasiou identified the primary alternative suppliers as the United States, the United Arab Emirates, the Middle East, and North Africa, with smaller contributions coming from countries like Kazakhstan.

He further explained that while Europe has actively invested in renewable energy technologies to transition away from fossil fuels, these sources are not yet sufficient to meet total demand. Consequently, Europe's vulnerability to global supply chain disruptions—specifically those affecting transit corridors like the Strait of Hormuz—continues to exert upward pressure on international oil and gas prices. These higher global costs directly impact retail fuel prices, leaving the continent facing sustained economic challenges regarding energy security and affordability.