Ukraine Stops Russian gas supplies to Europe after contract expires

By Alexander Miller, consultant in energy markets – Eurasia Business News, January 2, 2025. Article n°1358.

Ukraine officially halted the transit of Russian gas to Europe on the first day of 2025, marking a significant shift in energy dynamics following the expiration of a five-year transit agreement. This decision comes amid ongoing military conflict with Russia and is framed as a move to protect national security. Ukrainian Energy Minister Herman Halushchenko described the cessation as a “historic event,” emphasizing that it would result in financial losses for Russia and align with Europe’s commitment to reduce reliance on Russian gas supplies.

The termination of this agreement ends a long-standing arrangement that had allowed Russian gas to flow through Ukraine to various European countries, which had been in place since the Soviet era. Gazprom, Russia’s state-owned energy company, confirmed that gas shipments ceased at 8 a.m. Moscow time on the same day due to Ukraine’s refusal to extend the contract.

Read also : Gold : Build Your Wealth and Freedom

This development is poised to create an energy crisis for several Eastern European nations, particularly Moldova, which has already begun implementing emergency measures in anticipation of reduced gas supplies during winter. 

The European Union has been preparing for this eventuality, having committed to phasing out Russian gas imports entirely by 2027, but the immediate impact of this cutoff is likely to be felt across the region as countries scramble to secure alternative energy sources.

Our community already has nearly 145,000 readers!

Subscribe to our Telegram channel

Follow us on Telegram, Facebook and Twitter

© Copyright 2024 – Eurasia Business News. Article no. 1357.