Gas transit

The decision to halt Russian gas transit through Ukraine is a momentous event, marking the end of Moscow's decades-long dominance in Europe's energy markets.

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This shift signifies not only a geopolitical realignment but also the culmination of efforts by European nations to diversify energy sources in the wake of the war in Ukraine.

The cessation of Russian gas flows via Soviet-era pipelines highlights the profound economic and strategic transformations reshaping the continent.

For decades, Europe's reliance on Russian gas was both an economic convenience and a political vulnerability.

At its peak, Russian gas supplied approximately 35 per cent of Europe's energy needs.

This dependence created a complex dynamic, where European countries balanced economic interests with the risks of over-reliance on a single supplier.

However, the war in Ukraine acted as a catalyst for change, exposing the risks of energy dependence on an adversarial state.

In response, Europe has made significant strides in energy diversification.