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Ukraine to Stop Russian Gas Transit at 7 a.m. on January 1, 2025; Slovakia Warns of 'Serious Conflict'

Dec 20, 2024, 12:23 PM

Ukraine has announced that it will not extend the transit of Russian gas through its territory after the current contract expires at 7 a.m. on January 1, 2025. President Volodymyr Zelensky stated that Ukraine will not allow Russia to earn additional billions at the cost of Ukrainian lives and suggested that Ukraine could consider continued transit only if Russia does not receive payment until after the war ends. Zelensky also indicated openness to transiting gas that is not from Russia. Slovakian Prime Minister Robert Fico warned of a potential "serious conflict" if Ukraine blocks the transit of Russian gas, expressing concerns over Slovakia's energy supplies. The European Commission stated it has "no interest in the continuation of Russian gas transit via Ukraine." Russian President Vladimir Putin confirmed that Ukraine has refused to renew the gas transit agreement but asserted that Russia will "survive" without it. European gas futures rose following the announcements. The decision could have significant implications for European energy security, as the transit through Ukraine is a key route for Russian gas to Europe.