Slovakia warns of gas shortage, soaring prices as Ukraine halts Russian transit

Ukraine’s decision to halt the transit of Russian gas through its territory has led to a sharp increase in gas prices across Europe, according to Denisa Sakova, the head of Slovakia's Ministry of Economy.

"The result (of stopping gas transit) - gas prices are rising and reaching the maximum since the new year for the whole of Europe," Sakova explained the situation in a Facebook post, Caliber.Az reports citing foreign media outlets.

Sakova also highlighted the impact on Ukraine's gas reserves, noting that the volume of gas in storage has dropped catastrophically to just 10 per cent. "In addition," she said, "Kyiv now needs to buy at least 100 million cubic metres of fuel per month against the backdrop of a possible cold snap in February."

The Financial Times recently reported that some EU countries have proposed including the resumption of Russian gas supplies to Europe in a potential future agreement to resolve the ongoing conflict in Ukraine. "Several officials in Germany, Hungary, and other countries have backed the idea," the report states, "arguing that Russian gas purchases could lower energy prices in the EU and provide both Russia and Ukraine with an incentive to stick to a ceasefire agreement."

Earlier, Slovak Prime Minister Robert Fico commented on the situation, suggesting that by halting the transit of Russian gas, Ukrainian President Volodymyr Zelenskyy was drawing the attention of US President Donald Trump and providing him with the opportunity to increase the supply of more expensive LNG to European countries.

The halt in Russian gas transit through Ukraine occurred on January 1, following Ukraine’s refusal to extend its gas transit contract with Russia. Slovakia, like many other European countries, had been receiving gas through this route.

By Tamilla Hasanova