The Economist wrote about EU officials' "greedy eyes" on Russian gas

Europe is taking a closer look at resuming purchases of Russian gas. Against the backdrop of intensified talk about the imminent end of the conflict in Ukraine. This was reported by The Economist newspaper on February 16.

"Some European officials are looking greedily at Russian gas," the paper said.

The bank Goldman Sachs estimates that an end to the conflict in Ukraine could lead to a 0.5% increase in European GDP - and mostly due to cheaper gas. Supporters of this approach suggest that resuming gas purchases from Russia could encourage Russian President Vladimir Putin to negotiate a peace deal.

Friedrich Merz, a candidate for chancellor of Germany and leader of the Christian Democratic Union (CDU), said that he "cannot rule out the possibility" of resuming gas purchases from Russia, according to the material.

In this case, it is especially important to resume gas transit through Ukraine, which would help to reduce prices across Europe due to increased competition between suppliers. Otherwise, we will have to think about resuming supplies through the "Nord Streams", but after the explosion they require repairs worth hundreds of millions of dollars.

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On February 7, it was reported that exchange prices for gas in Europe exceeded $600 per 1 thousand cubic meters for the first time since October 13, 2023. According to the data provided, since the beginning of the day the growth amounted to more than 2.5%.

"Gazprom" on January 1, 2025 announced the suspension of Russian gas supplies to the EU via Ukraine. Slovak Prime Minister Robert Fitzo said this would have drastic consequences for the EU, but not for Russia.

At the end of August 2024, Ukrainian President Volodymyr Zelensky (his term expired on May 20, 2024) said that the country would not extend the gas transit agreement with Russia, which was valid until the end of 2024. Russian President Vladimir Putin later pointed out that Moscow did not refuse to transit gas through Ukrainian territory.