{"id":3009,"date":"2025-01-03T06:00:21","date_gmt":"2025-01-03T06:00:21","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/ukraine-ends-russian-gas-pipeline-to-europe-but-how-much-will-it-cost-moscow\/"},"modified":"2025-01-03T06:00:21","modified_gmt":"2025-01-03T06:00:21","slug":"ukraine-ends-russian-gas-pipeline-to-europe-but-how-much-will-it-cost-moscow","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/ukraine-ends-russian-gas-pipeline-to-europe-but-how-much-will-it-cost-moscow\/","title":{"rendered":"Ukraine ends Russian gas pipeline to Europe \u2013 but how much will it cost Moscow?"},"content":{"rendered":"


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Russian gas is no longer flowing to EU states through Ukraine following the expiration of a five-year deal, closing an energy route that has existed since the end of the Soviet Union in 1991.<\/p>\n

President Volodymyr Zelensky said the move means Russia<\/a> can no longer \u201cearn billions on our blood\u201d.<\/p>\n

His energy minister, Herman Halushchenko, confirmed on Wednesday morning that Kyiv had stopped the gas flows \u201cin the interest of national security\u201d.<\/p>\n

\u201cThis is a historic event,\u201d he wrote on the social media platform Telegram. \u201cRussia is losing markets and will incur financial losses.\u201d<\/p>\n

The deal had allowed for Russian gas to travel through Ukraine\u2019s pipeline networks into European countries, primarily Hungary, Slovakia and Austria. <\/p>\n

Its end will not cut off all Russian gas to Europe<\/a>, but significantly reduce it. Gas can still travel from Russia to Europe via the Turkstream pipeline, but no longer through Ukraine, cutting gas imports to the EU by around 14 billion cubic metres.<\/p>\n

The European Commission has said that this volume can be replaced by liquefied natural gas (LNG) and pipeline imports from other sources, such as Norway and the United States.<\/p>\n

However, the impact is already being felt in parts of EU candidate country Moldova, which was getting Russian gas via Ukraine.<\/p>\n

The breakaway Russian-speaking region of Transnistria, home to around 45,000 people, cut supplies to households. \u201cThere is no heating or hot water,\u201d said a worker at energy company Tirasteploenergo.<\/p>\n

The financial impact<\/strong><\/h2>\n<\/p>\n

Though Ukraine benefitted financially from the now-expired agreement to the tune of $800m (\u00a3640m) a year, the gas was not imported to Ukraine itself.<\/p>\n

Latest estimates show that Russia is expected to lose around \u20ac5bn (\u00a34.14bn) a year from gas transported to Europe via Ukraine.<\/p>\n

According to its own reports, Gazprom\u2019s market capitalisation stands at around \u00a322bn (3 trillion roubles).<\/p>\n

Gazprom is Russia\u2019s largest company, and has the largest gas reserves in the world. Since the invasion of Ukraine its business has taken several blows.<\/p>\n