Russia's Gas Deal with Ukraine Set to Expire, Europe Seeks Alternatives

Investing.com -- The current agreement for Ukraine to transport Russian gas to Europe will expire without renewal. Ukraine has refused to extend the contract that is set to expire at the end of this month, President Vladimir Putin stated on Thursday. Putin expressed during a yearly press conference in Moscow that it is now certain there will be no new contract. He also noted that the fate of the expiring contract is not Russia's problem. He expressed confidence that the Russian gas giant Gazprom PJSC can manage without a contract. Following the news that the contract will end in less than two weeks, European leaders have moved to find an alternative solution to ensure gas supplies. Despite the ongoing conflict with Russia for nearly three years, Ukraine continues to transport about 15 billion cubic meters of Russian gas to various European countries annually. Gazprom's remaining customers in the region are actively working to find a solution to avoid disruptions in gas supplies during the winter season.