Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.
The gas had kept flowing despite nearly three years of war, but Russia's gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused to renew a transit agreement.
The widely expected stoppage will not impact prices for consumers in the European Union unlike in 2022, when falling supplies from Russia sent prices to record highs, worsened a cost-of-living crisis and hit the bloc's competitiveness.
The last remaining EU buyers of Russian gas via Ukraine, such as Slovakia and Austria, have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea.
But Transdniestria, a breakaway pro-Russian region of Ukraine's neighbour Moldova also reliant on the transit flows, cut off heating and hot water supplies to households early on Wednesday.
Diese Geschichte stammt aus der January 02, 2025-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 02, 2025-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Laxmi Dental gains over 28% on debut
The stock of Laxmi Dental posted a value jump of nearly 30 per cent during its trading debut on Monday.
Hedge fund managers keep nearly half of profit as fees
Hedge funds have long been regarded as notoriously expensive. New research reveals just how costly they truly are for their clients.
NCLT orders liquidation of Go First
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of low-cost carrier Go First on the request of its Committee of Creditors (CoC), thus bringing an end to the 20-month-long insolvency proceedings.
The automotive frontier
India needs investment in the EV segment
Anatomy of a regulator
Regulatory bodies are important institutions in a market economy, requiring careful handling
Joining the dots on infrastructure
Pratap Padode is a financial journalist and publisher of Construction Update, a magazine launched in 1996, followed by Infrastructure Today, Power Today and Project Reporter.
The need of the hour is a 'Dream Budget'
In less than two weeks, the finance minister will present the Union Budget for 2025-26.
Focus on Davos
States must improve ease of doing business
Clarity needed on Rodtep scheme extension for EOU/SEZ/AA exports
We had supplied our manufactured goods to a merchant exporter on payment of 0.1 per cent IGST under the notification 41/2017-IT(Rate) dated 13th October 2017.
'Lodha' brand triggers tussle amid brothers
Abhishek Lodha has approached the Bombay HC seeking to stop Abhinandan from using the name