Russia’s gas supply deal via Ukraine halted

Ukraine has officially cancelled the transport of Russian gas to Europe through its territory, after a deal with Moscow expired on Wednesday.The deal, which was signed in 2019, will see Kyiv loose about $800 million a year in transit fees from Russia, while Moscow will suffer a loss of $5 billion in gas sales.The two countries have been on a full-scale war for nearly three years now, and Ukraine had in the past announced that it’ll not renew the gas deal in the interests of national security amid the ongoing conflict. “We have stopped the transit of Russian gas. This is a historic event,” We have undergone a series of stress tests of our gas system to be sure that after the transit is closed, we will be able to function stably, ensuring gas supply to consumers,” said Ukraine’s Energy Minister Herman Galushchenko in a statement. The minister added that the gas transportation infrastructure had been prepared in advance of the expiration.The move has prompted some countries to declare a state of emergency, whilst others have begun alternative measures and re-route of the gas into their territories. The halting of Russia’s gas is expected to affect countries that have been relying on it and increase the price of the commodity in some European countries. Others have however longed banned Russia’s gas, when the war between the countries erupted accusing Moscow of invading Ukraine and imposed sanctions on the country. The economic impacts on Africa are expected to be less severe than on Europe because Africa is less dependent on Russia for gas.