Final day of the contract: Russia has started to reduce the gas flow through Ukraine to Europe.

The Russian monopoly Gazprom has announced that it will reduce the volume of gas supplies to Europe via Ukraine on Tuesday – the contract that has ensured gas transit for several years expires on December 31, even continuing after the onset of Russia's so-called “special military operation” against Ukraine.

Source. This information was reported by Reuters.

Gazprom stated that on Tuesday it will send only 37.2 million cubic meters of gas compared to 42.4 million cubic meters on Monday. It is expected that the flows will drop to zero in the morning of January 1 when the five-year transit agreement expires.

The cessation of supplies through Ukraine will be a significant blow to Moldova.

Among the European Union members, Slovakia will be the most affected.

Hungary will continue to receive Russian gas from the south via the Turkish Stream pipeline laid on the bottom of the Black Sea, although Budapest has shown interest in maintaining the Ukrainian route as well.

Kyiv will lose about $800 million annually that Russia paid for transit.

However, Gazprom will lose approximately $5 billion in annual revenue from the sale of pipeline gas to Europe.

Background. Recall that Russia is stopping gas supplies to Moldova starting January 1, with Maia Sandu's administration stating they are prepared to take legal action. Chișinău emphasized that it is analyzing all possible options to influence Russia, including international arbitration.