Russia and Ukraine stop transporting gas to Europe after 50 years.

Following the expiration of a crucial transit agreement, both parties announced the suspension on Wednesday. At a time when the area is depleting winter storage at the quickest rate in years, the interruption will put additional pressure on supply as several central European nations that have depended on the flows would have to obtain more expensive gas elsewhere.Following Kyiv's refusal to permit any transit that finances Moscow's war machine, Russia ceased shipping gas to Europe through Ukraine, ending a fifty-year-old conduit.Following the expiration of a crucial transit agreement, both parties announced the suspension on Wednesday. At a time when the area is depleting winter storage at the quickest rate in years, the interruption will put additional pressure on supply as several central European nations that have depended on the flows would have to obtain more expensive gas elsewhere.

Despite the three years of war, Ukraine has remained a vital route for gas supplies into Europe. Countries are still suffering from the aftermath of an energy crisis brought on by Russia's invasion of its neighbor, even though the route only supplies 5% of the region's demands. Recently, the impending cutoff contributed to a market where petrol prices have increased by more than 50% annually.After the five-year transit agreement expired, Russia's Gazprom PJSC suspended deliveries on New Year's Day, claiming that there were no "technical and legal opportunities" for shipments due to the Ukrainian side's "repeated and explicit refusal to extend these agreements."The Energy Ministry in Kyiv acknowledged the halt, stating that as of 7 a.m. local time, Russian flows across its territory were stopped. Additionally, Slovakia's network operator verified that it was not getting gas.