Europe fears energy crisis, due to Russian gas transit halt

January 2, Wednesday: Europe fears energy crisis, due to Russian gas transit halt. Ukraine has fears over the shortening of energy transportation, and energy costs in Europe. As the New Year hit us, the now in-conflict Russia and Ukraine announced that they would be stopping the Russian gas supplies that is in transit through Ukraine’s land ending in Europe.

On Wednesday, Russia has been pushing some European Union countries to resort to costlier energy alternatives. Some of the NATO countries and the European Union have been funding the Ukrainian War. On the same day, Slovak Prime Minister Robert Fico stated this stop on these things will harm all the countries in the European Union countries although, Russia will be as stable as ever.

Slovakia might lose hundreds of millions of Euros in gas transit fees, while state citizens will face higher gas and electricity bills, said their leader Fico. He also blames the European Union for prioritizing Geopolitical politics and not looking after the smaller countries’ well-being and needs. On the same day Slovakia’s gas importer, SPP announced that it has to ensure the gas supplies through different pipelines which might increase the cost, which will go through Germany and Hungary.

This Gas transit has stopped due to the expiration of the agreements signed between Russia and Ukraine on 30 December 2019, which stated the transportation of gas through Ukrainian territory and mutual agreement between the two countries, these agreements officially expired on Wednesday the Russian Company Gazprom posted on X.

Gazprom had stated that Ukraine had consistently refused to extend the agreements signed between the two countries, which led to the discontinuation of the Gas transit through Ukraine