MOSCOW: Decades of Moscow’s hegemony over Europe’s energy markets came to an end on New Year’s Day when Russian gas supplies via Soviet-era pipelines passing through Ukraine were suspended.
Despite almost three years of conflict, the gas had continued to flow, but Russia’s gas company Gazprom reported that it had ceased at 5:00 GMT when Ukraine declined to extend a transit deal.
Unlike in 2022, when declining Russian supplies drove prices to all-time highs, exacerbated a cost-of-living crisis, and hurt the bloc’s competitiveness, the much-anticipated halt will not affect prices for EU consumers.
Slovakia and Austria, the final two EU countries that still purchase Russian gas through Ukraine, have set up other supplies, while Hungary will continue to get Russian gas.
