Russia ignores the cold, reduces gas flow to Europe: Here is the country that will be affected the most

Russia has announced that the amount of gas sent to Europe has been reduced, just one day before the agreement on the flow of Russian gas to Europe via Ukraine expires. Russian energy company Gazprom announced that a total of 37.2 million cubic meters of gas will be pumped to Europe today instead of 42.4 million, ahead of the January 1st date when the agreement is set to end.

In the absence of a last-minute compromise, gas supplies to Europe via this pipeline are expected to stop as of the first hours of the new year, with the expiration of the five-year gas flow agreement between Russia and Ukraine.

Russian President Vladimir Putin stated in his remarks on December 26 that there was no time left to reach an agreement for gas supply via Ukraine within this year.

UKRAINE REJECTS THE AGREEMENT

Despite pressure from some European countries, Ukraine refuses to sign a new agreement with Russia due to the war. By rejecting the agreement, Ukraine will forgo an annual payment of 800 million dollars from Russia. Russian energy giant Gazprom, on the other hand, will lose its sales route via Ukraine, which is worth approximately 5 billion dollars.

SLOVAKIA WILL BE AFFECTED THE MOST

The cessation of gas flow via Ukraine will be a major blow to Moldova, a former Soviet country neighboring Ukraine. Within the European Union, the country that will be most affected by the situation will be Slovakia.

Slovak Prime Minister Robert Fico had threatened to implement retaliatory measures against Ukraine if it stopped the transit of Russian gas. The Slovak leader had threatened to cut off electricity supply to Ukraine.

In a statement made by the Slovak Ministry of Economy, it was stated that the country would not experience a natural gas shortage due to the cut in supply from Ukraine. On the other hand, the statement reported that the situation would have a financial impact and that gas companies would have to pay an extra 177 million euros for alternative supply routes.

RUSSIAN GAS WILL BE TRANSPORTED TO EUROPE VIA TURKSTREAM

Hungary, one of the countries neighboring Ukraine, will be able to continue receiving Russian gas from the south via the TurkStream channel passing through the Black Sea.

With Europe turning to alternative sources following the war in Ukraine, Gazprom, once the world's largest gas exporter, suffered a loss of 7 billion dollars in 2023, closing the year with a loss for the first time since 1999. The Yamal-Europe and Nord Stream pipelines, through which Russia supplied natural gas to Europe, had previously become idle. In the current situation, as of January 1, TurkStream will remain the only route for transporting Russian gas to Europe.

The reduction in the supply of cheap Russian gas had caused a large-scale economic slowdown, an increase in inflation, and a rise in the cost of living for Europe.