Moscow (Agencies): On January 1, 2025, Russia ceased its gas supply to Europe via Ukraine, marking the end of a five-year transit agreement between Gazprom and Naftogaz. This move has reignited fears of an energy crisis in Europe, with experts warning of increased energy costs, inflationary pressures, and a heightened cost-of-living crisis.
The termination of this gas supply route, which accounted for approximately 4.5% of the EU’s total gas consumption last year, is expected to significantly impact countries like Slovakia, Austria, Italy, and the Czech Republic. These nations, which heavily relied on Russian gas, are now facing the challenge of securing alternative energy sources.
Despite Europe’s efforts to diversify its energy supply, the abrupt end to Russian gas transit has highlighted the ongoing geopolitical tensions and economic vulnerabilities. The Balkan Stream pipeline, which now serves as the primary route for Russian gas to Europe, will be under increased pressure to meet demand.
The situation remains fluid, with European leaders and energy experts closely monitoring the developments and their potential impact on the continent’s energy security and economic stability.