Ukraine put brakes on Russian fuel provide on New Yr, who will endure loss? – #INA
Amid the Russia-Ukraine conflict, Kiev has refused to renegotiate the transit settlement associated to fuel provide. Because of which, from January 1, 2025, the availability of Russian fuel by way of Ukraine to European international locations has been utterly stopped.
On the one hand, this resolution of Kiev has ended Russia’s dominance within the vitality market of the European Union, whereas however there’s a chance of vitality disaster in lots of European international locations, particularly in Austria, Slovakia and Moldova, that are depending on electrical energy for his or her electrical energy provide. Had been depending on this transit route solely.
Why did Russian fuel provide cease in Europe?
Russian vitality large Gazprom mentioned on Wednesday that fuel provides to Europe have been stopped at 8 am native time after Ukraine’s state oil and fuel firm Naftogaz refused to resume a 5-year transit settlement.
Ukraine’s Power Minister German Galushenko mentioned in a press release, ‘We’ve got stopped the availability of Russian fuel by way of Ukraine, it is a historic occasion. He mentioned that Russia is dropping its market and should endure large losses. Europe has already determined to surrender Russian fuel.
Who suffers extra because of stoppage of fuel provide?
Zelensky has refused to resume the transit deal between Russia and Ukraine for fuel provide to European international locations in 2019. The Ukrainian President believes that by doing so he can snatch income from Russia which Moscow can use in opposition to his nation. May do to fund the conflict. Whereas this transfer by Kiev will finish Russia’s dominance over the European Union’s vitality market, there’s a chance of an vitality disaster in Japanese Europe.
European international locations like Austria, Slovakia and Moldova have been depending on this transit route for his or her electrical energy provide. Austria was getting most of its fuel from Russia through Ukraine, whereas Slovakia was getting about 3 BCM of fuel yearly by way of this route, which is about two-thirds of its demand.
How a lot fuel was Russia exporting to Europe?
After Moscow’s invasion of Ukraine in February 2022, many European international locations began lowering their dependence on Russian fuel. Earlier than the invasion of Ukraine in 2022, Russia provided about 35 % of Europe’s pipeline pure fuel exports. However now it has fallen to solely about 8 %.
As of December 1, the EU acquired lower than 14 billion cubic meters (BCM) of fuel from Russia through Ukraine, down from 65 BCM yearly when the contract was launched in 2020.
Who earns how a lot from fuel provide?
Ukrainian media quoted Serhiy Makohon, the previous head of the Ukrainian GTS operator, as saying that Russia has earned far more than Ukraine by way of the transit deal. Makohon estimated that Russia was incomes $5 billion yearly. Nevertheless, in response to Bloomberg, Russia’s earnings from this deal would have been even larger i.e. round $6.5 billion yearly.
In keeping with the previous head of the Ukrainian GTS operator, Ukraine was getting $800 million yearly from this transit deal for fuel provide to Europe, however most of this cash is spent on transit solely. He estimated that by way of this Ukraine will get solely 100-200 million {dollars} in income.
Ukraine put brakes on Russian fuel provide on New Yr, who will endure loss?
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