European Gas Dynamics: The Struggle Over Russian Transit Through Ukraine

Amidst geopolitical tensions, Russian President Vladimir Putin met Slovak Prime Minister Robert Fico as the EU deliberates the transit of Russian gas via Ukraine. The route's potential shutdown could shift market dynamics, impacting European nations with historical dependence on Russian gas due to alternative sources like the US and Qatar.

In a critical meeting at the Kremlin, Russian President Vladimir Putin welcomed Slovak Prime Minister Robert Fico. The visit comes as European leaders weigh options concerning the imminent expiration of a Russian gas transit deal through Ukraine, a country entrenched in conflict with Russia.

Gas volumes transported through Ukrainian pipelines to Europe have plummeted, accounting for just 8% of the peak deliveries in 2018-19. The European Union's pivot towards countries like Norway and the United States for gas has diminished Russia's market influence considerably.

Despite calls within the EU to reduce Russian gas imports, certain nations, including Slovakia and Hungary, maintain ties with Moscow, arguing for economic feasibility. The ongoing debates underscore fragile Moscow-EU relations as the gas transit deal remains unresolved, with alternatives and financial implications being hotly contested.

(With inputs from agencies.)