The analyst noted the demand for Russian gas on the European market

The termination of gas transit from Russia through Ukraine will hit the whole of Europe. This resource is in demand in the European Union (EU), and in 2024 Russia's offer is the best on the market. This was stated to Izvestia on December 18 by Igor Yushkov, leading analyst of the National Energy Security Fund, expert and lecturer at the Financial University under the Government of the Russian Federation.

On the eve of the talks between Russian President Vladimir Putin and Prime Minister Robert Fitzo were held in the Kremlin. After the Slovak politician said that his visit to Russia was a reaction to the statement of Ukrainian President Volodymyr Zelensky, whose powers expired on May 20, about the termination of gas transit through Ukrainian territory. He said Putin said during the meeting that Russia was ready to supply gas to Slovakia directly after January 1, 2025.

"Russian gas, it is clear that it is in demand in Europe, otherwise nobody would buy it there. It is needed there. And this in 2024 is actually the best offer in the market because of the peculiarity of pricing in the contract of Gazprom and European buyers," explained Yushkov.

According to the expert, since prices in 2024 on the European gas market were mainly growing, it turned out to be a situation in which the cost of the resource on the stock exchange has increased, but Gazprom has not yet. Thus, the Russian company made the most favorable offer on the market at every moment.

"Almost every 24 hours for the entire 2024 year, the load of the remaining two gas pipelines just through Ukraine and Turkish Stream was at maximum. Therefore, last year Gazprom supplied to Europe about 28.5 billion cubic meters of gas, and 2024 will supply about 31-33 billion cubic meters," - said Yushkov.

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According to the analyst, this is an indicator that Russian gas is in demand on the European market.

"Fitzo's visit was intended to show that not only gas is in demand. Of course, Slovakia has always recognized that Gazprom's offer is the most profitable, because otherwise it will have to buy liquefied natural gas on the world market, deliver it to a coastal country, somewhere in Italy, then pay for reception, for regasification, conversion from liquefied to gaseous state and then for pumping gas through the pipeline already in Slovakia. Of course, it is additional costs, it is more expensive gas," he reminded.

As the expert emphasized, if gas transit through Ukraine is interrupted, there will be a shortage of resources in the entire European market.

"It doesn't matter whether you received Russian gas or not, maybe you never bought it at all, prices will rise for everyone. And so this will be a huge economic blow to the whole of Europe," Yushkov pointed out.

At the same time, he drew attention to the fact that Zelensky is trying with all his might to prevent the normalization of relations between Russia and the West.

"Here and Fitzo wants to show that it is Zelensky, it is Ukraine that is to blame for the disruption of transit, including in order to justify possible actions, because if Ukraine really interrupts transit, then Slovakia can respond by stopping the supply of electricity to Ukraine, block the decision at the level of the European Union on additional assistance to Ukraine, maybe even block the extension of anti-Russian sanctions," - concluded the analyst.

Also on December 23, Slovak member of the European Parliament Luboš Blaga called Fico's visit to Moscow a slap in the face for the Ukrainian leader. He emphasized that the people of Slovakia supported Russia and did not consider this state an enemy state.

The current five-year contract between Russia's Gazprom and Ukraine's Naftogaz was signed at the end of 2019. Deliveries began on January 1, 2020. This contract expires at the end of 2024. The Ukrainian side continues to refuse to extend the agreement. The Russian leadership has repeatedly drawn attention to the fact that Russia has not refused transit gas supplies to Europe.