US pledges up to $1 bn for EU energy projects to reduce reliance on Russia

"Our aim is to galvanise private sector investment in their energy sectors", said Pompeo

Secretary of State Mike Pompeo on Saturday said Washington pledged "up to $1 billion" to boost energy projects in eastern Europe as part of efforts to reduce reliance on Russian natural gas.

"The United States -- through our International Development Finance Corporation, and with the support of the US Congress -- intends to provide up to $1 billion in financing to the Central and Eastern European countries of the Three Seas Initiative," Pompeo told the Munich Security Conference.

"Our aim is to galvanise private sector investment in their energy sectors.