Russia could shut off one of the last arteries carrying Russian gas to Europe by the end of next year when Ukraine’s supply contract with Gazprom expires, the Financial Times said on Thursday, citing an interview with Ukraine energy minister German Galushchenko.

The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract first signed in 2019 were slim, even though the route through Ukraine accounts for almost 5% of Europe’s total gas imports, the newspaper reported.

When asked if Ukraine would be prepared to renegotiate the agreement with Moscow after last year’s invasion, Galushchenko told FT, “I really can’t imagine how it could be bilaterally,” adding that Ukraine is preparing for a cut in supplies.

Russian gas giant Gazprom GAZP.MM warned in April that Europe’s ability to maintain ample gas stocks in the 2023/2024 winter hinges on Asia’s demand given “critically low” supplies from Russia.

Gazprom did not immediately respond to a Reuters request for comment.
Source: Reuters (Reporting by Baranjot Kaur in Bengaluru; Editing by Christopher Cushing and Sonali Paul)