International

Russia-Ukraine gas crisis: European consumers brace for higher prices

European consumers will face higher prices for gas if Kyiv refuses to extend a gas transit deal with Russia when it expires on December 31, the Kremlin has warned, cited by Reuters.

Ukraine has repeatedly stated that it does not intend to conclude a new agreement with Russia on gas transit, amid the ongoing military conflict.

Kremlin spokesman Dmitry Peskov said that Russia could find alternative routes, such as Turkey.

According to him, such decisions by the Ukrainian side will harm the interests of European consumers.

He added that Europe will have to pay higher prices for gas from other suppliers, including liquefied natural gas purchased from the United States.

Most of the recipients of Russian gas that is transited through Ukraine have stated that they have prepared for the cessation of flows at the end of this year, when the transit agreement between Ukraine and Russia expires, given that Ukraine has said it does not want to renew it.

Another option is for Gazprom to supply some of the gas via another route, for example through TurkStream, i.e. through Bulgaria, Serbia, or Hungary. However, the capacity on these routes is limited.

The EU and Ukraine have also asked Azerbaijan to facilitate talks with Russia on a gas transit deal.

The cessation of transit through Ukraine will also affect the supply of the Cuciurgan power plant on the left bank of the Dniester.

Translation by Iurie Tataru

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