Euratex has urged EU to control the rise in oil and gas prices as the sanctions against Russia may compel companies to stop production if energy and gas prices continue to rise

The energy crisis that started at the end of last year has been worsening in the last week. Prices of energy, gas and oil has been skyrocketing. According to Reuters, Benchmark European gas prices at the Dutch TTF hub rose by 330% last year, while benchmark German and French power contracts have more than doubled.

The textile and clothing industry is facing an unprecedented situation. Many companies are considering shutting down production because of energy costs.

Euratex urged EU in the Ukrainian-Russian conflict, but asks the European Union and Members States to compensate the situation by supporting their industries. Companies need access to energy at reasonable prices, may those be subsidies, removing environmental levies or VAT from bills and price caps. The transfer to renewable and cleaner sources of energy needs to speed up, so to guarantee less dependency.