Europe assessed the losses from the cessation of Russian gas transit through Ukraine.

Europe will not feel the cessation of Russian gas transit through Ukraine

The head of the German energy company Uniper SE, Michael Lewis, stated that Europe will not feel a significant impact from the cessation of Russian gas transit through Ukraine. Even countries that rely on fuel from the East have sufficient gas reserves as well as other supply sources that will compensate for the volumes previously received from Russia.

"A certain amount of gas will disappear from the market, but this has already been taken into account and reflected in the prices. Overall, our position before winter is quite strong," Michael Lewis said at the Gastech conference.

European countries have already formed gas reserves at the beginning of the heating season and also receive gas from Norway. In addition, Europe has increased the import of liquefied natural gas (LNG) from various producers, including the USA.

Uniper and Germany are no longer buying gas from Russia's Gazprom after the energy crisis of 2022, which led to the nationalization of Uniper. Instead, the company has joined other suppliers.

Relations between Russia and the EU will not improve until the end of the war in Ukraine, after which serious negotiations will be possible, Lewis is convinced.