Russian gas era in Europe ends as Ukraine stops transit

Widely expected stoppage to not impact prices for consumers in the European Union — unlike in 2022
MOSCOW: Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year’s Day, marking the end of decades of Moscow’s dominance over Europe’s energy markets.
The gas had kept flowing despite nearly three years of war, but Russia’s gas firm Gazprom said it had stopped at 5:00 GMT after Ukraine refused to renew a transit agreement. The widely expected stoppage will not impact prices for consumers in the European Union — unlike in 2022, when falling supplies from Russia sent prices to record highs, worsened a cost-of-living crisis and hit the bloc’s competitiveness. The last remaining EU buyers of Russian gas via Ukraine, such as Slovakia and Austria, have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea. But Transdniestria, a breakaway pro-Russian region of Ukraine’s neighbour Moldova also reliant on the transit flows, cut off heating and hot water supplies to households early on Wednesday.