RUSSIAN GAS STOPPED flowing to Europe via Ukraine, closing off a route that's operated for five decades after Kyiv refused to allow any transit that funds Moscow's war machine.
Both sides confirmed the halt on Wednesday after a key transit deal expired. The stoppage means central European countries that have relied on the flows will be forced to source more expensive gas elsewhere, compounding pressure on supplies just as the region depletes winter storage at the fastest pace in years.
While the route accounts for just 5% of Europe's needs, nations are still reeling from the aftershocks of an energy crisis triggered by Russia's invasion of its neighbour. Gas prices are up 50% year-on-year, getting a boost in recent weeks from the looming cutoff in supply. The continent is now increasingly exposed to market volatility as it becomes more reliant on global liquefied natural gas.
This story is from the January 02, 2025 edition of Financial Express Chennai.
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This story is from the January 02, 2025 edition of Financial Express Chennai.
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