Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.

The move is expected to have limited impact on the continent, which has diversified its energy supplies since Russia’s invasion of Ukraine.

Russia’s share of the EU pipeline natural gas market dropped sharply to about 8% in 2023, according to data from the EU Commission. The Ukrainian transit route served EU members Austria and Slovakia, which long got the bulk of their natural gas from Russia but have recently scrambled to diversify supplies.

Ukraine, which had allowed Russian oil and gas to cross its territory to serve Europe while fighting Moscow’s invasion since 2022, refused to renew the deal.

As the last of the gas flowing via Ukraine to Europe runs out, Russian gas will no longer be making its way to Europe, marking the end of a decades-long arrangement. Russia had already cut off most supplies through the Baltic and Belarus-Poland pipelines after the Ukraine/Russia war started,

Russia halted gas supplies to Europe after Ukraine declined to renew a transit deal. Slovakia is considering retaliation against Ukraine. While the EU claims no immediate energy crisis, non-EU countries like Moldova face severe shortages and heating issues,

Ukraine ceased the transit of Russian natural gas to Europe following the expiration of a prewar deal from 2024. This significant decision, taken in the interest of national security amid the ongoing conflict,

Gas prices surged to record levels this Thursday, matching the highs of October 2023, after Moscow and Kyiv failed to extend the agreement that allowed Russian gas to transit through Ukraine to several European countries,