The Government of Spain approved a package of measures worth 5 billion euros aimed at mitigating the negative effects of the war in Iran and the jump in energy prices.
In particular, the authorities will reduce taxes on electricity sales to 10 per cent from 21 per cent and abolish a number of other charges related to electricity, Spanish Prime Minister Pedro Sanchez said at a press conference in Madrid.
In total, the package includes about 80 different initiatives. They will come into effect on Saturday.
Sanchez was the first among European leaders to condemn the US and Israeli attack on Iran, Bloomberg writes. He warned that a military conflict would have widespread consequences for the economy. At the same time, Spain is better protected from energy shocks than many European countries thanks to a well-developed renewable energy sector.
At the same time, Spain remains a major importer of liquefied natural gas, and the key LNG supplier to the country is Qatar, which has been attacked by Iran.