Ukraine’s decision to halt Russian gas transit starting January 1, 2025, could plunge Europe into an energy crisis

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Ukraine’s decision to stop all Russian gas transit to Europe starting January 1, 2025, could have deadly consequences for the region. The current gas transit agreement between Ukraine and Russia expires at the end of 2024. Ukrainian Prime Minister Denys Shmyhal confirmed that from next year, the Ukrainian gas transmission system will only transport non-Russian gas. This move is part of Ukraine’s broader strategy to impose sanctions on Russian energy resources.

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Ukraine has been a crucial transit route for Russian gas, with about 15 billion cubic meters of gas flowing annually through its territory to Europe. The abrupt halt of this supply will disrupt gas deliveries to several European countries, particularly Slovakia, which is heavily dependent on this route. The immediate impact has been a sharp 4.4% rise in gas prices across Europe. The disruption could lead to shortages and significantly higher energy prices, exacerbating Europe’s ongoing energy crisis.

The potential consequences of this decision are severe. Europe faces the possibility of an energy shortage, especially during the winter months when heating demand is high. This could lead to energy rationing, soaring heating costs, and economic instability. Slovakia’s Prime Minister Robert Fico has already expressed disappointment and warned of possible retaliatory measures. The situation underscores Europe’s vulnerability and the urgent need to secure alternative energy sources.

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Despite halting Russian gas transit, Ukraine will continue transporting Russian oil through its territory under the European Commission’s request. This is in line with Ukraine’s obligations under the Association Agreement with the EU and the Energy Charter Treaty. However, Ukraine plans to implement full sanctions on Russian energy resources as part of its broader strategy in the ongoing conflict.

Sources:

https://www.yahoo.com/news/ukraine-stop-transit-russian-gas-132639646.html

https://ukranews.com/en/news/1054172-ukraine-to-stop-transit-of-russian-gas-but-not-oil-from-january-1-shmyhal

https://www.channel3000.com/news/national-and-world-news/slovak-pm-warns-ukraine-of-consequences-over-halting-russian-gas-transit-amid-ongoing-war-watch/video_172ffa34-ddf0-579b-8418-d326c00a0856.html

https://www.straitstimes.com/world/europe/putin-zelensky-rule-out-renewal-of-key-gas-deal-for-europe

 


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