The EU and U.S. will try to get on the same page over how to handle the escalating tension around Ukraine today when Secretary of State Antony Blinken dials in to a meeting of foreign ministers. Both sides have plenty of cleaning up to do after President Joe Biden’s unintentionally honest remark about how allies would struggle to deal with a “minor incursion,” and the resignation of Germany’s naval chief for saying Russian President Vladimir Putin demands respect. The call follows a U.K. warning that Russia is plotting to install a pro-Kremlin government in Ukraine, a plan Blinken said would be part of its playbook but which was denied by Russia. He will brief ministers on the latest talks between Washington and Moscow, and listen to Europe’s assessment of the situation. But don't expect any concrete details on what sanctions the EU might impose. Instead, ministers will reaffirm warnings of severe measures if Russia acts — and only in that instance will specific punishments be decided.

— John Follain and Jillian Deutsch

What’s Happening

Gas Supplies | The European Commission is exploring whether it can get more gas from partners other than Russia, and the Biden administration asked Qatar to help supply the continent. While the EU has a robust gas infrastructure and clear procedures in case of emergencies, the bloc’s energy commissioner warned that it needs to remain “extremely vigilant” and improve its risk-preparedness.

Presidency Pains | Italian parliamentarians will convene today to elect a new president in a decision that could take days. Prime Minister Mario Draghi’s chance of moving into the less hands-on role has sparked concerns that Italy will descend into yet another cycle of political instability — but it could cement the technocrat’s legacy.

Euro Ambitions | Croatia, the EU’s newest member, wants to adopt the euro in 2023 — a move that would help make payments cheaper, give its financial system a safety net in crises and make traveling easier for tourists, who generate a fifth of the country’s GDP. The biggest test will be whether the country stays on top of inflation this year.

Justice Reform | Romania will push ahead with justice reform following a threat of legal action from Brussels. Justice Minister Catalin Predoiu told us that he will propose changes to the country’s surveillance mechanism and affirm respect for European Court of Justice rulings in plans expected next month.

Inflation Watch | Inflation should slow this year though remain above 2%, according to ECB Governing Council member Gabriel Makhlouf. He does not expect the central bank to raise interest rates, but the “big challenge” will be second-round inflation effects such as productivity not keeping pace with rising wages.

In Case You Missed It

Macron Disapproval | French President Emmanuel Macron’s approval rating dropped to just 37% — down from 41% a month earlier — three months ahead of the presidential election. Only 7% said they were very satisfied with him, while 60% said they disapproved.

Covid Protests | Police used water cannons and tear gas to disperse a protest against Covid-19 measures in Brussels yesterday that turned violent. Tens of thousands of people took to the streets, with demonstrations largely peaceful until they neared the EU headquarters. Some protestors smashed the windows of the European External Action Service and others threw projectiles.

Restrictions Lifted | EU ambassadors agreed not to add restrictions on vaccinated travelers. The commission told ambassadors Friday that such exceptional measures were no longer needed now that the apparently less deadly omicron variant has spread across the EU. Ministers will sign off on the non-binding decision tomorrow. Read the latest virus news here.

Green Tension | The commission’s climate chief called on countries to invest in renewable energy and wean themselves off Russian gas “if we really want to stop long-term making Putin very rich.” Germany, meanwhile, opposed the commission’s plans to classify nuclear as a sustainable energy but supported a temporary green label for gas.

Chart of the Day 

Bulgaria is on a mission to adopt the euro by Jan. 1, 2024, a move that could help narrow the gap to richer peers. The government, elected last year, has fragile support for the change, with about half the population taking a dim view of the single currency. Bulgaria is joined by Croatia and Romania in striving to adopt the euro, while others like Sweden are intentionally not meeting the requirements.

Today’s Agenda

• 5 p.m. Press conference following EU foreign ministers meeting in Brussels
• 5:20 p.m. Press conference following talks between Finnish Foreign Minister Haavisto, Swedish Foreign Minister Linde and NATO's Stoltenberg in Brussels
• EU Brexit negotiator Sefcovic meets U.K. Foreign Minister Truss in Brussels
• Justice Commissioner Reynders holds video conference with Dutch Prime Minister Rutte

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