Kiev faces $1 billion in annual losses after halting Russian fuel transit – Reuters – INA NEWS
Ukraine’s resolution to stop transit of Russian pure fuel to Europe will price as much as $1 billion yearly, as it is going to not get charges from Moscow, Reuters reported on Wednesday. The federal government plans to offset the monetary hit by drastically growing fuel tariffs for nationwide industries, the information company stated.
Chief Vladimir Zelensky praised the transfer, calling it “a historic occasion” that will impose “monetary losses” on Russia. He didn’t touch upon the results the choice may have for the Ukrainian financial system.
In keeping with Reuters, Ukraine has basically quadrupled its home fuel transmission tariffs. Efficient January 1, 2025, the brand new fee is 502 hryvnias ($11.95) per 1,000 cubic meters, up from 124 hryvnias. This modification may price Ukrainian industries over 1.6 billion hryvnias ($38.2 million) yearly, the company stated in one other report printed this week.
Ukraine’s transit community is related to the pipeline techniques of Moldova, Romania, Poland, Hungary, and Slovakia, which then extends to Austria and Italy. The EU Fee has sought to downplay the influence of the fuel deal ending by saying that the bloc’s “fuel infrastructure is versatile sufficient to offer fuel of non-Russian origin.”
“It has been strengthened with important new LNG (liquefied pure fuel) import capacities since 2022,” a spokesman for the fee informed journalists.
The information of Ukraine ending Russian fuel transit is anticipated to spark a rise in LNG costs in Asia, Bloomberg reported on Thursday, including that European customers nonetheless want to exchange round 5% of their fuel. The transit halt has already led to costs within the EU rising to €50 per megawatt hour for the primary time in over a 12 months.
Kiev’s transfer drew criticism from Bratislava. Slovak Prime Minister Robert Fico expressed concern over the influence on his nation, slamming what he referred to as the dominance of “egocentric nationwide pursuits” and “nonsensical geopolitical targets” inside the EU.
Kiev faces $1 billion in annual losses after halting Russian fuel transit – Reuters
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