Headline: Russia under tight …”>Putin‘s Golden Goose is Gone: The End of Russian Gas Exports to Europe
Subheadline: The cessation of Russian gas exports to Europe marks a significant personal loss for Vladimir Putin, and potentially a turning point in the Russia-EU relationship, according to journalist Ivan Jakovin.
Article:
The first day of 2025 has ushered in a change that few could have predicted just a few years ago. Russia’s gas exports to Europe, a critical revenue stream for Moscow, have come to a halt. For Vladimir Putin, this development is more than just a geopolitical setback; it’s a personal loss, argues journalist Ivan Jakovin.
"Putin’s wealth is tied up in ‘Gazprom’," Jakovin writes on his Facebook page. "It’s his personal company, his goldmine. The real risk of bankruptcy for Putin isn’t some abstract ‘Russian defeat’, but the loss of his family’s wealth, which was practically stolen from him."
Jakovin contends that Russia’s invasion of Ukraine in 2022 was, in part, driven by a desire to regain control of Ukraine’s gas transit system and avoid paying transit fees to the Ukrainian company ‘Naftogaz’. However, the plan has backfired spectacularly.
Quote:
Gazprom’s main goal was to secure control over the Ukrainian gas transit system, which would allow them to avoid paying transit fees to Naftogaz. However, everything went wrong.
- Ivan Jakovin, journalist
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Article continues:
Ukraine’s decision to halt Russian gas transit on January 1, 2025, has turned the tables. It marks the end of an era that began in 1991 when Russia first started exporting gas to Europe via Ukraine’s pipelines.
"January 1, 2025, is a historic day," says Ukraine’s Energy Minister Herman Halushchenko. "We’ve stopped Russian gas transit. Russia will lose the market, incur financial losses. Europe has already decided to abandon Russian gas. The ‘Repower EU’ initiative is designed for exactly this."
While the impact on the European Union will be limited due to proactive planning and alternative supply routes, several member states, including Slovakia and Austria, will feel the pinch more acutely.
Quote:
January 1, 2025, is a historic day. We’ve stopped Russian gas transit. Russia will lose the market, incur financial losses. Europe has already decided to abandon Russian gas. The ‘Repower EU’ initiative is designed for exactly this.
- Herman Halushchenko, Ukrainian Energy Minister
In the wake of Russia’s 2022 invasion, the EU has significantly reduced its gas imports from Russia. According to EU data, Russian gas accounted for less than 10% of EU gas imports in 2023, down from 40% in 2021. However, some EU countries, such as Slovakia and Austria, continued to rely heavily on Russian gas supplies.
Tagline:
As Europe turns the page on Russian gas, Vladimir Putin faces a personal reckoning.