(Alliance News) - According to Enel Spa Chairman Paolo Scaroni, speaking at the Trento Festival of Economics, the EU finds itself in a position of 'weakness' after imposing sanctions on Russia following the invasion of Ukraine, Il Sole 24 Ore reported on Friday.

'With the sanctions, we decided to suspend gas supplies from Russia. Beyond geopolitical considerations, we are currently paying 2-3 times more for gas in Europe than in the US. Consequently,' the Enel chief explained, 'it is unthinkable for energy-intensive industries to invest in Europe because they start with a competitive disadvantage. We also pay double for electricity compared to the US. Once again, we have created a weakness for ourselves.'

'It is fine to look at the past and the present, but we must look to the future and repair these vulnerabilities. US statements regarding defense and NATO could serve as a wake-up call,' Scaroni concluded.

Enel shares were trading down 0.6% at EUR9.704 per share on Friday.

By Michele Cirulli, Alliance News reporter

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