Ukraine ends Russian gas pipeline to Europe – but how much will it cost Moscow?
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Russia is losing markets and will incur financial losses.” The deal had allowed for Russian gas to travel through Ukraine’s pipeline networks into European countries, primarily Hungary, Slovakia and Austria. By the end of 2024, Russian gas exported to Europe via the Ukraine pipelines alone has already dropped by 78 per cent since the contract started in 2020. In this context, a loss of £4.14bn in gas sales without the Ukraine transit deal could trigger a further 6.7 per cent decrease in revenues for Gazprom and Russia. Slovakia’s prime minister threatened to cut electricity supplies to Ukraine in retaliation, as he said that ending Russian gas transit would increase energy prices.