End of an Era: Russia's Gas Transit Ends Through Ukraine

President Vladimir Putin confirmed there will be no new gas transit deal with Ukraine, ending Russian gas supply to Europe through this route. Once a major gas supplier, Russia faces reduced EU dependence and challenges from Western sanctions, but Putin insists Russia will endure.

In a significant geopolitical development, President Vladimir Putin announced that Russia will not renew its gas transit deal with Ukraine, ending a critical energy supply route to Europe. This decision marks the conclusion of one of the last remaining pathways for Russian natural gas to flow into the European Union.

Historically, Russia was Europe's largest natural gas supplier, covering 35% of the region's needs. However, since the onset of the Ukraine war in 2022 and the severance of the Nord Stream pipeline, Russia's presence in the European gas market has been severely reduced. This shift sees nations like Norway, the United States, and Qatar gaining market share.

The expiration of the Soviet-era Urengoy-Pomary-Uzhgorod pipeline agreement comes as Ukraine refuses to extend the contract, effectively halting northern Siberian gas supplies to key European countries. Despite facing challenges from Western sanctions on liquefied natural gas (LNG), Putin asserts that Russia and its energy giant Gazprom will persevere through the adversity.

(With inputs from agencies.)