Bloomberg reported a record high gas price in Europe since October 2023

Gas prices in European countries on the first trading day of the year showed the maximum since 2023 on the background of termination of supplies from Russia. This was reported by Bloomberg agency on January 2.

"European gas prices rose on the first trading day of the year as the loss of a key supply route through Ukraine coincided with cold weather in the north of the region and unplanned supply disruptions in Norway," the publication says.

The agency noted that gas reserves in European countries are shrinking at the fastest pace since 2021. According to experts' forecasts, the replenishment of storage facilities will cost the European Union even more, as gas reserves will be significantly depleted during the winter of this year.

Transit number: Will gas supplies through Ukraine stop on January 1?

Preservation of exports will depend on the geopolitical situation and the persistence of European business, experts believe

Earlier in the day, Russian Foreign Ministry spokesperson Maria Zakharova said that the cessation of gas supplies from Russia through Ukraine weakens the EU's economic potential. The diplomat stressed that the Russian side had fulfilled all its obligations under the contract with Naftohaz Ukrayiny.

In his turn, a member of the Verkhovna Rada, Artem Dmytruk, said that Ukraine would face big problems after its decision to refuse to transit Russian gas through its territory. He pointed out that Ukraine would lose revenues from transit, which previously amounted to $800m per year.

On January 1, 2025, Gazprom stopped supplying fuel to Europe through the Ukrainian gas transportation system.

In August 2024, Ukrainian President Volodymyr Zelensky (his term of office expired in May of that year) said that Ukraine would not extend the gas transit agreement with Russia. Russian President Vladimir Putin pointed out that Moscow was not giving up gas supplies through Ukraine.