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MOSCOW (Reuters) -Russian gas supplies to Europe via Ukraine are set to end on New Year's Day, bringing down the curtain on Moscow's long period of dominance of supply in the European gas market.
European gas imports from Russia in 2021, with breakdowns. Russia supplies a significant volume of fossil fuels to other European countries. In 2021, it was the largest exporter of oil and natural gas to the European Union, (90%) [1] [2] and 40% of gas consumed in the EU came from Russia. [3] [4]
Russian gas is no longer flowing to EU states through Ukraine following the expiration of a five-year deal, closing an energy route that has existed since the end of the Soviet Union in 1991.
Most European countries no longer depend on Russian gas having diversified their supply — to the United States, Qatar and others — following Putin’s Feb. 2022 full-scale invasion of Ukraine.
EUR/Ruble exchange rate (Rubles per Euro. On 23 March 2022, Russian President Vladimir Putin announced payments for Russian pipeline gas would be switched from "currencies that had been compromised" (that is, US dollar and euro) to payments in roubles when the transaction involved a country formally designated "unfriendly" previously, which included all European Union states; on 28 March, he ...
Russia, which before the Ukraine war was the biggest single supplier of natural gas to Europe, has lost almost all of its European customers as the EU tries to reduce its dependence and after the ...
The Southern Gas Corridor is an initiative of the European Commission for a natural gas supply route from Caspian and Middle Eastern regions to Europe, proposed in 2008. The goal of the Southern Gas Corridor is to reduce Europe's dependency on Russian gas and add diverse sources of energy supply. [ 1 ]
Russian gas has been replaced by liquefied natural gas (LNG) imports: the United States has increased its slice of the EU gas market to 56.2 bcm in 2023 from 18.9 bcm in 2021 while Norway grew its ...