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ARTICLE · 09 JANUARY 2025

What We're Watching Today: January 6, 2025

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Russian gas exports via pipelines running through Ukraine halted on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.

GlobalEnergy and Natural Resources
Melissa B. Mahle
Melissa B. Mahle
Anni Coonan
Anni Coonan
William Simpson
William Simpson

Global

Russian gas dominance over Europe ends with termination of Ukrainian transit agreement

Russian gas exports via pipelines running through Ukraine halted on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.

Our Take: The cutoff of gas via Ukraine has long been anticipated, giving recipient governments plenty of time to make alternative arrangements. That said, there will be some political fallout, mainly in Slovakia and Moldova, where the breakaway region of Transdniestra is dependent on free Russian gas to support its economy and by extension, its separatist policies. Slovakia will also face higher market costs for alternative supplies, leading the government to threaten retaliation against Ukrainian refugees living in the central European country. Ukraine will lose around $800 million a year in transit fees, a cost Kyiv is prepared to accept as it also cuts revenue to the Kremlin. Gazprom will lose around $5

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