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Europe experiences harsh winter
It is expected that the European Union will experience its worst winter season since 2022 due to a decline in reliance on Russian energy, with diesel and gas prices soaring to record highs as a result of policy deviations and Europeans' inability to purchase energy resources directly from Moscow, leading to increased costs through intermediaries. Additionally, disruptions to navigation in the Strait of Hormuz have contributed to rising prices, while European officials have rejected calls to ban diesel exports to Europe, amid warnings about the energy crisis's impact on consumption and the economy.
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