SPAIN’S Prime Minister Pedro Sanchez has announced he will reduce the tax burden of the industries most impacted by the war in Ukraine.

He made the announcement at a meeting with 17 regional leaders in La Palma, on Sunday. 

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Despite the pledge, he did not specify either the industries or the companies that would benefit.

The supply of oil is among the most pressing concerns of European countries, with many nations highly reliant on Russian exports.

In the past two weeks, gas, electricity, and fuel prices have all risen and this, coupled with rocketing inflation, is causing alarm. 

In addition, there have been reports of steel plants in Spain grinding to a halt in recent years because of a lack of affordable fuel supply.

The PP called for there to be a complete temporary suspension of all electricity and gas taxes.

Sanchez said the government had already agreed to lower tax and electricity bills by €12 billion.

Sanchez also called for a push on getting renewable energy projects in Spain up and running.

Spain has the largest gas storage facility in the EU, but it is currently not well connected to the other member states.

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