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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
