The price of gas on an exchange in Europe exceeded $550 for the first time since Nov. 15, 2023

The price of gas in Europe during exchange trading exceeded $550 per 1 thousand cubic meters for the first time since November 15, 2023. This follows on January 29 from the data of the London exchange ICE.

Thus, the cost of futures for February at the TTF hub, located in the Netherlands, at 17:00 (20:00 Moscow time) was €51.49 per MWh or about $554.7 per 1 thousand cubic meters. The price increase during the trading day amounted to about 6.8%.

Earlier in the day, Belgian Energy Minister Tinne van der Straten said that the country's authorities will import liquefied natural gas (LNG) from Russia even after sanctions banning it come into effect at the end of March. She pointed out that gas imports from Russia will not disappear, but will be redirected to different destinations and facilities.

The Bloomberg agency reported on January 27 that the European Commission (EC) is likely to postpone the official publication of a roadmap with a plan for EU countries to name specific measures to completely abandon Russian fuel, including LNG. Thus, instead of the end of February, the EC may present the document on March 26.

On the same day, the head of diplomacy of the Eurosus (EU) Kaja Kallas officially confirmed that the association extended the sanctions against Russia for another six months.

"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.