Russian gas contract with Ukraine to end, Europe seeks alternatives

Investing.com -- The current agreement for Ukraine to transport Russian gas to Europe is set to end without renewal. Ukraine has declined to extend the contract beyond its expiration at the end of this month, according to a statement by President Vladimir Putin on Thursday.

During his annual press conference in Moscow, Putin asserted that the absence of a new contract is now a certainty. He also mentioned that the fate of the expired contract is not Russia's concern. He expressed confidence that Russia's gas giant, Gazprom PJSC (OTC:OGZPY ), would manage without the contract.

Following the news of the upcoming contract expiry in less than two weeks, European leaders have been in a scramble to find an alternative solution to maintain their gas supplies.

Despite the ongoing conflict with Russia for nearly three years, Ukraine continues to transport approximately 15 billion cubic meters of Russian gas annually to several European countries. Gazprom (MCX:GAZP )'s remaining clients in the region are actively seeking a solution that would prevent a disruption of their gas supplies during the winter season.

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Source: Investing.com