By Giuseppe Fonte

ROME, (Reuters) – Italy’s new stimulus package will be unveiled Monday. It is expected to cost up to 7.35 billion Euros ($7.35 Billion) and reduce energy costs.

This new stimulus is on top of the approximately 15 billion euro already budgeted in January to assist households and businesses with gas, electricity and petrol prices.

Italy, which has two of the largest banks in Russia, and relies on Moscow heavily for its energy, has seen its growth outlook plummet sharply following Russia’s invasion on February 24, 2014.

Reuters has seen a draft decree that Rome intends to extend the 25c per litre cut in excise duty on petrol prices at pumps until July 8. This would replace Monday’s expiration.

To help the thousands of Russian companies affected by sanctions, the government will provide state guarantees on bank loans as well as grants of up to 400,000 Euros to take advantage of an EU temporary relaxation on rules about state aid.

Unions were disappointed by the package. “This package is insufficient,” stated Maurizio Lanzini, the head of the CGIL (the largest union confederation in Italy).

Rome plans to pay the majority of new measures outright, with 6 billion euros in budget leeway. The increase in tax revenues and lower expenditures than initially expected has resulted to higher taxes.

The Treasury is determined to meet the fall target to cut the deficit to national production to 5.6%, despite union and coalition pressures to increase borrowing in order to avoid recession.

According to his office, Prime Minister Mario Draghi also plans to decrease Italy’s dependence upon Russian gas and increase the availability of renewable power.

After an emergency meeting, EU energy ministers met to discuss the country’s energy needs. Draghi will be holding a news conference.

Officials from Italy told Reuters that Italy has plans for reactivating coal-fired power plant and, if necessary rationing of gas supplies.

Following Moscow’s refusal to pay Russian gas prices in roubles, the EU met.

($1 = 0.9507 euros)