Russian gasoline contract with Ukraine to finish, Europe seeks options

Investing.com — The present settlement for Ukraine to move Russian gasoline to Europe is about to finish with out renewal. Ukraine has declined to increase the contract past its expiration on the finish of this month, in accordance with an announcement by President Vladimir Putin on Thursday.

Throughout his annual press convention in Moscow, Putin asserted that the absence of a brand new contract is now a certainty. He additionally talked about that the destiny of the expired contract shouldn’t be Russia’s concern. He expressed confidence that Russia’s gasoline big, Gazprom PJSC (OTC:OGZPY), would handle with out the contract.

Following the information of the upcoming contract expiry in lower than two weeks, European leaders have been in a scramble to seek out another resolution to keep up their gasoline provides.

Regardless of the continued battle with Russia for practically three years, Ukraine continues to move roughly 15 billion cubic meters of Russian gasoline yearly to a number of European nations. Gazprom (MCX:GAZP)’s remaining purchasers within the area are actively looking for an answer that will forestall a disruption of their gasoline provides through the winter season.

This text was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.