Russian energy company Gazprom said it would pump a reduced volume of gas to Europe via Ukraine on Tuesday, the last day before the expiry of a deal that had kept…
Russian energy company Gazprom said it would pump a reduced volume of gas to Europe via Ukraine on Tuesday, the last day before the expiry of a deal that had kept the gas flowing throughout nearly three years of war.
Barring a last-minute surprise deal, gas flows are likely to stop on Jan. 1 after the expiry of the five-year transit agreement between Russia and Ukraine, marking an almost complete loss of Moscow's once mighty hold over the European gas market.
Russian President Vladimir Putin said on Dec. 26 there was no time left this year to sign a new deal on the transit of gas via Ukraine.
The remaining buyers of Russian gas such as Slovakia and Austria have arranged for alternative supplies and analysts foresee minimal market impact from the Russian gas flow stoppage.
The price at the Title Transfer Facility, a virtual trading point in the Netherlands that is used as a benchmark for European natural gas prices, rose only slightly on Tuesday to 48.85 euros per megawatt hour by late morning.
Stopping the gas flow would have a much bigger geopolitical significance.
Moscow has lost its dominant share of gas supplies to countries in the European Union
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