Situation on the EU Gas Market. Expert Discussion

On January 16, the Valdai Discussion Club hosted an expert discussion dedicated to the situation on the EU gas market in the wake of the cessation of transit through Ukraine. On the night of December 31 to January 1, the five-year contract for the supply of Russian gas through Ukraine expired. Transit has been interrupted several times over the past 30 years. However, this time, President Vladimir Putin does not see any prospects for a new contract. “Gazprom will survive this,” the Russian leader noted. The European Commission also stated its lack of interest in continuing gas transit through Ukraine, although European officials had previously insisted on the need to maintain it. Slovakia will suffer the most from the cessation of Russian gas supplies. Prime Minister Robert Fico visited Moscow in December in an effort to resolve the gas supply issue. Gas companies, trade associations, and large industrial consumers from Hungary, Austria, and Italy spoke in favour of continuing transit. Moldova and the Czech Republic were also among the importers of Russian gas. What are the consequences of stopping the Ukrainian transit? Do the preconditions exist for an energy crisis in the EU? How can the countries of Southern and Central Europe solve their problems with gas supplies? What damage will the termination of Ukrainian gas transit do to Gazprom? How can the losses be compensated for? The participants of the discussion will try to answer these and other questions. Speakers: Alexey Grivach, Deputy Director General for Gas Issues and the National Energy Security Fund Gábor Stier, Head of Foreign Policy Dpt., Magyar Nemzet newspaper (Hungary) Ján Čarnogurský, Member of the Board of Directors, Pan-European University of Bratislava (Slovakia) Moderator: Anton Bespalov, Programme Director of the Valdai Discussion Club