Traders hope that Ukraine will continue transporting gas from the Russian Federation - Bloomberg (photo)

The European Commission believes that even the Member States most dependent on Russian gas will be able to endure the complete cessation of supply from Russia. Foreign traders of the global global gas market expect that the supply of Russian gas through Ukraine will continue after the current transit contract has expired. Bloomberg writes about it. According to the agency, it is already known that contracts for the first quarter of 2025 with the point of reference have fallen by about 20%this year.

This was also discussed in the fields of the International Conference of E-World Energy & Water, which took place in German Essen. In addition, according to Bloomberg, they also discussed a mechanism that would continue supply to ensure gas supply. "According to one of the sources, one of the possibilities would be that Russia would propose deliveries on the border with Ukraine," the agency emphasizes.

However, the EU made it clear, writes Bloomberg that it is unlikely to negotiate with the Russian Federation to continue the existing transit agreement. Ukraine also stated that, despite receiving transit fees under the current contract, it will not continue it. According to the agency, the actual Russian flows were less than 40% of the contractual volumes after Russia sharply reduced supplies to the EU after invasion of Ukraine.

However, as the agency points out, Russian gas is still important for the EU and comes along other routes, including Turkey. In addition, Russia is the second largest supplier of liquefied gas to Western Europe after the United States. The Russian Federation also states that gas supply through Ukraine can be saved.

Thus, in January, the Minister of Energy of the Russian Federation Mykola Shulginov made it clear that gas transit to Europe could continue, since after 2024 other methods of gas delivery through Ukraine could be studied. The same opinion was expressed by the Slovak Prime Minister Robert Fitzo, who also stated in January that the supply of Russian gas through Ukraine could be saved.

At the same time, the European Commission believes that even Member States, most dependent on Russian gas, will be able to endure the complete cessation of deliveries from the country, although, according to experts, problems may arise. According to one of the insiders, the EU still considers the possibility of continuing measures to reduce demand by the next winter. "A key problem is a small number of alternative shipments.

The Ukrainian route has passed about 14 billion cubic meters last year, almost half of which went to Austria," the agency's experts emphasized. However, there are other ways to obtain Russian gas. Yes, it could be imported to Turkey by a Turkish flow pipeline up to 4 billion cubic meters, and the other part will come from the import of LNG. In addition, Slovakia could receive gas from Poland, and the Netherlands, Italy and Germany could support Austria and the Czech Republic.