Europe Is Set to Withstand Further Disruptions to Its Russian Gas Supplies

The contract overseeing the supply of Russian gas to Europe via Ukraine is set to expire at the end of next year, but the impact on Europe will likely be mitigated by the Continent's reduced reliance on Russian energy exports and increased access to new global gas supplies. According to Ukrainian energy minister Herman Halushchenko, Russia's state-owned gas giant Gazprom and its Ukrainian counterpart Naftogaz will not renew their transit contract after it expires at the end of 2024. If confirmed, this would result in the interruption of Russian natural gas supplies to Europe through Ukraine starting in 2025. The current contract, which was signed in 2019, includes the possibility of a 10-year extension beyond 2024. But the chances for such an extension are now ''slim,'' according to Galushchenko, who revealed Ukraine is already preparing for a cut-off....