Energy Flows Amidst Political Tensions: Russian Gas Continues Steady Stream to Europe

Russian gas exports to Europe remain stable despite a contractual dispute between Gazprom and OMV. Despite halted supplies to Austria, gas continues to flow through Ukraine. As the five-year transit deal nears expiration, Kyiv refuses negotiation with Moscow. Gas flow data indicates steady levels across Europe.

Russian gas exports to Europe have maintained consistency on Monday despite an ongoing contractual disagreement between Gazprom, owned by the Kremlin, and Austria's OMV. This dispute led to a halt in gas supplies to the Vienna-based company earlier this month.

Despite the stoppage to OMV, Russia continues to deliver stable gas volumes to Europe via the Ukrainian route. This continued supply comes as other European buyers seek more gas amidst a geopolitical climate complicated by the war that erupted in Ukraine in February 2022.

The current five-year gas transit agreement between Russia and Ukraine is set to expire on December 31. Ukraine has stated its refusal to enter talks for extending the agreement with Moscow. Meanwhile, Gazprom has confirmed its plan to send 42 million cubic meters of gas to Europe via Ukraine on Monday, maintaining Sunday's volume. Furthermore, data from the transmission system operator Eustream indicated steady nomination levels for gas flows into and out of Slovakia over the weekend.

(With inputs from agencies.)