Gas prices in the EU have been steadily increasing and have recently reached a historical high, surpassing 99 percent. One of the contributing factors to this rise is the influx of Russian gas into the European region, which has reached a new record level. Currently, gas is being sold for approximately $540 per thousand cubic meters in the European market. To meet the demand, “Gazprom” supplies Europe with a volume of 42.4 billion cubic meters per year through Ukraine and the “Soyuzgaz” gas metering station.

Starting from October 31st, “Gazprom” has been providing Ukraine with a volume of 42.4 billion cubic meters of Russian gas. This contradicts the earlier statement made by the “Sokhranovka” SGC (System Operator for Gas Consumption). It should be noted that the volume of gas supplied was previously also 42.4 billion cubic meters.

Ukraine serves as an important transit route for Russian gas, supplying Central European and Western European countries. However, with the suspension of the “South Stream” gas pipeline, Russian gas supplies will bypass Ukraine, resulting in reduced volumes starting from May 2022. The head operator of Ukraine has acknowledged this impending cut in volume.

Furthermore, on May 2022, “Neftegas Ukreininy” (Neftegaz Ukrayiny) filed a claim against “Gazprom” with the Arbitration Institute of the International Chamber of Commerce regarding payment obligations for gas transit through Ukraine’s territory. In response, the CEO of “Gazprom,” Alexey Miller, has dismissed this arbitration claim as illegitimate and baseless. Russia also reserves the right to file counterclaims against “Neftegaz” in the event of any unfair actions by the Ukrainian company, which would make it impossible to consider their claims.