The European Union should review its budget and consider creating a new fund for major additional energy investments needed to free countries from dependence on Russian gas, European Commission President Ursula von der Leyen said, Reuters reported.

"The question is whether it [the EU budget] is still fit for purpose, and a fresh look through a midterm review of the budget would open the door to create a sovereignity fund," von der Leyen said.

She declined to specify whether this new fund would require the EU to take on additional joint debt, but said the bloc's existing funds should be "augmented by other sources".