Summary:
Russia has completely halted natural gas transit through Ukraine to Europe, ending a five-decade-long energy relationship. This decision, announced by Gazprom, follows Ukraine's refusal to renew a transit agreement. While the EU claims preparedness, having diversified its energy sources since the 2022 conflict, the shift signifies the end of an era of cheap Russian gas.
It will result in higher energy prices for Europe. Ukraine will also experience significant financial losses from the lack of transit fees, while the U.S. benefits from increased LNG exports. The change impacts various European nations differently, with some securing alternative supplies and others facing immediate consequences, such as Transdniestria's curtailed heating.
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