On January 2nd, Gazprom issued a statement stating that due to the expiration of the transit agreement, the transportation of natural gas from Ukraine to Europe will be terminated from 8:00 am Moscow time on January 1st. On the same day, the Ukrainian Ministry of Energy announced that Ukraine had suspended Russian natural gas transit services at 7:00 am Kiev time on January 1st. Russia mainly exports natural gas to Moldova, Czech Republic, Slovakia, Austria, Italy and other countries through Ukraine. Therefore, Ukraine’s decision will lead to a tight supply of natural gas in these countries. Russian experts have stated that Ukraine’s closure of transit transportation valves could lead to a 30% increase in natural gas prices in EU countries.
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