Ukraine Halts Russian Gas Transit, Shifting Europe’s Energy Landscape

As of December 31, 2024, Ukraine ceased Russian gas transit to Europe, marking a significant blow to Moscow with supplies plummeting from 130 bcm/year to zero. President Zelensky hailed it as a major victory amid ongoing conflict. Europe, relying on LNG and Norwegian gas, maintains 94% gas storage but faces winter challenges. With Russian gas share dropping to 8%, energy prices surge, and nations like Moldova implement emergency measures. A chilly reminder that energy independence isn’t exactly warm and fuzzy.