https://sputnikglobe.com/20250101/fears-of-new-energy-crisis-rekindled-in-europe-as-russia-ceases-gas-supply-via-ukraine-1121326804.html
European Energy Crisis Fears Rekindled as Ukraine Blocks Gas From Russia
European Energy Crisis Fears Rekindled as Ukraine Blocks Gas From Russia
Sputnik International
Fears of a new energy crisis have been rekindled in Europe with the end of Russian gas supply through Ukraine.
2025-01-01T12:17+0000
2025-01-01T12:17+0000
2025-01-01T14:10+0000
russia
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Fears of a new energy crisis have been rekindled in Europe with the end of Russian gas supply through Ukraine. The winding down of cheap and reliable Russian gas transit will fuel energy costs, inflationary pressures, and the cost-of-living crisis, experts cited by Xinhua have warned. "If there is a crisis in energy supply, Europe will be the most affected and this will weaken its economic power even more," Croatian political analyst Robert Frank noted.The cessation of Russian gas transit “will likely intensify cost pressures for Slovenian industries, and by extension, raise consumer prices," stressed Joze P. Damijan, professor of economics at the University of Ljubljana.Europe still hasn’t recovered from its shortsighted move to drastically cut its dependence on Russian gas, which had triggered a massive spike in inflation and economic slowdown. Gazprom ended gas transit through Ukraine on January 1 following the expiration of the five-year contract with Naftogaz. The Urengoy-Pomary-Uzhgorod pipeline had transported about 15.5 billion cubic meters of gas last year, accounting for approximately 4.5% of the total gas consumption in the EU, according to Gazprom. Moldova and four EU countries – Slovakia, Austria, Italy, and the Czech Republic – received Russian gas via this route. Balkan Stream, fed by the Turkish Stream pipeline, now remains the only source of Russian pipeline gas for Europe. It delivers gas to Romania, Greece, North Macedonia, Serbia, Bosnia and Herzegovina, and Hungary.
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russian gas supplies, russia stops gas transit, gas transit through ukraine, why is russia halting gas exports, how much russian gas does europe buy, europe, gas prices, gas futures, russian gas, russian gas transit, russian gas transit through ukraine
European Energy Crisis Fears Rekindled as Ukraine Blocks Gas From Russia
12:17 GMT 01.01.2025 (Updated: 14:10 GMT 01.01.2025) Supplies of Russian gas via Ukraine ended at 8:00 a.m. Moscow time (05:00 GMT) on January 1, according to a contractual document on gas transit between Gazprom and Naftogaz. The Kiev regime had repeatedly stated it had no intention to extend the transit agreement.
Fears of a new
energy crisis have been rekindled in Europe with the
end of Russian gas supply through Ukraine.
The winding down of cheap and reliable Russian gas transit will fuel energy costs, inflationary pressures, and the cost-of-living crisis, experts cited by Xinhua have warned.
"If there is a crisis in energy supply, Europe will be the most affected and this will weaken its economic power even more," Croatian political analyst Robert Frank noted.
The cessation of Russian gas transit “will likely intensify cost pressures for Slovenian industries, and by extension, raise consumer prices," stressed Joze P. Damijan, professor of economics at the University of Ljubljana.
Europe still hasn’t recovered from its shortsighted move to drastically
cut its dependence on Russian gas, which had triggered a massive spike in inflation and economic slowdown. Gazprom ended gas transit through Ukraine on January 1 following the expiration of the five-year contract with Naftogaz.
The Urengoy-Pomary-Uzhgorod pipeline had transported about 15.5 billion cubic meters of gas last year, accounting for approximately 4.5% of the total gas consumption in the EU, according to Gazprom. Moldova and four EU countries – Slovakia, Austria, Italy, and the Czech Republic – received Russian gas via this route.
Balkan Stream, fed by the Turkish Stream pipeline, now remains the only source of Russian pipeline gas for Europe. It delivers gas to Romania, Greece, North Macedonia, Serbia, Bosnia and Herzegovina, and
Hungary.
29 December 2024, 16:58 GMT
