The Urengoy–Pomary–Uzhgorod pipeline, now closed to gas flows
Europe faces perilous year without Ukraine gas transit
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
Europe’s gas market faces a difficult year, with the loss of Russian gas transit through Ukraine leaving it greatly exposed to any future potential supply disruptions, including via the last remaining route for Russian deliveries to Europe: TurkStream. Gas prices are at their highest level in a year and are not expected to see much decline in 2025. This translates into higher energy costs for the European economy, undermining efforts to bolster stagnating GDP and curb the trend of de-industrialisation seen over the past few years. The expected outcome That Russia and Ukraine would not renew their transit deal beyond 2024 was widely anticipated by the market, as evidenced by the steady climb
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
