End of an Era: Russia Halts Gas Exports Through Ukraine

Russian gas exports through Ukraine ceased on New Year's Day, ending decades of Moscow's control over Europe's energy markets. Despite the halt, EU consumers won't face price hikes, as alternative supplies have been secured. Transdniestria, however, cut off heating supplies, urging residents to conserve energy.

On New Year's Day, Russia ended its long-standing gas exports through Ukraine, marking the close of an era of dominance over Europe's energy landscape. The cessation follows Ukraine's refusal to renew a transit agreement, as confirmed by Gazprom, Russia's primary gas firm, halting flows at 0500 GMT.

This anticipated stoppage bears no immediate repercussions on EU consumer prices, unlike in 2022 when dwindling Russian supplies escalated costs and impacted the European Union's market competitiveness. Slovakia and Austria, previous buyers, have now secured alternative sources, while Hungary continues to receive gas through the TurkStream pipeline.

Conversely, the pro-Russian region of Transdniestria in Moldova faces disruptions, losing access to heating and hot water. The European Commission reassured that the continent's gas infrastructure is robust and capable of accommodating non-Russian imports, reinforced by new LNG capacities.

(With inputs from agencies.)