End of an Era: Russia's Gas Supply to Europe via Ukraine Ceases

Russia's longstanding gas supply to Europe via Ukraine is ending as their contract collapses. The EU has sought alternative energy sources, reducing dependency on Russian gas. The shutdown's market impact appears minimal, but it highlights ongoing geopolitical energy tensions and the economic effects on Europe.

Russia's historic gas pipeline to Europe through Ukraine is scheduled to cease operation on New Year's Day, marking the end of a long-standing contract between the two nations that accounted for billions in revenues for Moscow and transit fees for Kyiv.

This closure culminates a decade of strained relations that began with Russia's annexation of Crimea in 2014. Following the war in Ukraine, the European Union intensified its efforts to diversify energy sources, seeking alternatives to Russian gas.

Liquefied natural gas imports from Qatar and the United States have filled the gap, while Norway has increased piped supplies. Despite these shifts, the transition highlights the enduring geopolitical and economic challenges facing Europe amid rising energy costs and slowing competitiveness.

(With inputs from agencies.)