Naftogaz

In the early hours of 2025, Europe will receive its last Russian natural gas via Ukraine’s pipelines, while the region prepares for a cold wave that could accelerate the depletion of reserves.

Ukraine will block Russian gas supplies via its territory in several days, effectively halting its transit to Slovakia, Moldova and, to some extent, Hungary.

Kiev said it would not renew an agreement on Russian gas transit expiring on Dec. 31 as Russia continues its invasion of Ukraine.

Russia has intensified pressure on Ukraine's energy infrastructure with targeted missile strikes hitting facilities in central and western regions. These strikes mark the fourth large-scale attack on Ukraine's power system in recent weeks, heightening concerns over the country's energy security.

Natural gas prices in Europe experienced a significant spike, surpassing 2% to reach 29 euros per megawatt-hour (MWh) on Monday. The surge came after reports emerged of a Russian attack on an underground natural gas storage facility in Ukraine. Despite the escalation, Ukraine's state energy company Naftogaz assured that gas supplies to Ukrainian consumers remained unaffected.

Day 414 of the invasion of Ukraine. Summary of key events in the last 24 hours:

Russia will face a total annihilation for all its alleged misdeeds and disrespect for international law, Ukrainian President Petro Poroshenko said, amid an escalated dispute between Russia's Gazprom and Ukraine's Naftogaz.

The Ukrainian authorities have started the seizure of assets belonging to the Russian gas giant Gazprom, citing its alleged non-compliance with the decision of the Stockholm arbitration court.

After Russia's state gas company Gazprom on March 1 said it was terminating existing gas contracts with Ukraine, the dispute has again raised concerns about Serbia's energy dependence on the Kremlin.

Ukraine has more than trebled the price of transiting Russian natural gas to Europe via its territory since the start of 2016, according to Ukrainian media outlet energy.apostrophe.com.ua.

Bulgaria said on Wednesday that supplies of Russian natural gas to the country and the volumes for transit to its neighbours are flowing normally - several hours after Russia said it has stopped supplying gas to Ukraine.

Bulgaria, which is almost entirely dependent on Russia for its gas imports, receives them via a transit pipeline crossing Ukraine and Romania.