Sri Lanka has declared every Wednesday a holiday for public institutions to conserve fuel as the island nation grapples with possible shortages in the wake of the US and Israel’s war with Iran.

“We must prepare for the worst, but hope for the best,” President Anura Kumara Dissanayake said at an emergency meeting with senior officials on Monday.

This is the latest in a series of belt-tightening measures undertaken by Asian countries since the war choked off the Strait of Hormuz, which used to carry millions of barrels of oil from the Gulf into the region.

Nearly 90% of all the oil and gas flowing through the strait last year was bound for Asia, which is the world’s largest oil-importing region. Congestion revenues arise when grid constraints prevent electricity from flowing to ‌high-demand areas, ⁠resulting in substantial earnings for network operators.

National network operators can now spend this money on their own infrastructure.

Sweden has abundant hydropower in the north, but tighter electricity supplies in the south – a dynamic which generates substantial congestion revenues as power attempts to flow across the country. Sweden’s power grid operator collected ⁠30.5 billion Swedish kronor ($3.26 billion) in congestion revenues in 2025.Busch said Sweden had forewarned the affected countries before raising the issue at a meeting of EU ministers in Brussels on Monday.

During that meeting, EU Energy Commissioner ⁠Dan Jorgensen said Brussels would work with governments negotiating the EU proposals to address concerns around “the national control of this money”, without specifying further.

A leaked EU negotiating document, seen by Reuters, ⁠showed governments are considering letting countries keep congestion revenues collected inside their borders, and only earmark for EU projects the revenues they collect from cross-country power trading.