Russian gas flows to Europe through Ukraine reportedly jumped nearly 40% on Thursday, underscoring the continent's dependence on Putin's energy

Kate Duffy
Updated ·2 min read

  • Russian gas exports to Europe via Ukraine spiked nearly 38% Thursday, Bloomberg reported.

  • European natural-gas prices soared as much as 62% on the same day.

  • Germany this week pulled out of the Nord Stream 2 pipeline project with Russia.

Natural-gas exports flowing from Russia to Europe through Ukraine ramped up on Thursday, jumping by nearly 38% from a day earlier, according to data reported by Bloomberg.

Figures from Ukraine's grid operator further showed that these flows were expected to rise by about 24% on Friday compared with Thursday's levels, according to Bloomberg.

Western Europe is heavily reliant on Russian gas supplies, and the increased flow Thursday underscored that continuing dependency. Some 41% of the European Union's gas imports come from Russia, more than twice as much as Norway, the next-largest supplier, according to the most recent EU data.

The increased gas flows from Russia to Europe on Thursday came after Russian President Vladimir Putin ordered troops into Ukraine. World governments hit Russia with sanctions in response, but the US defended a decision not to include the energy sector in its measures.

The Russian state-owned energy giant Gazprom said Thursday that gas flows to Europe through Ukraine were as expected.

European gas prices soared as much as 62% on Thursday, the largest increase since 2005, according to data reported by Bloomberg.

Russia is the world's second-largest producer of natural gas, behind the US, according to the Energy Information Administration.

Earlier in the week, Germany, which relies on Russia for much of its natural gas, halted the Nord Stream 2 gas-pipeline deal with Moscow after Russian forces entered Donetsk and Luhansk, two eastern breakaway regions of Ukraine. The suspension of Nord Stream 2 had no impact on gas supplies because the pipeline wasn't operational.

Kenneth Griffin, the CEO of the hedge fund Citadel, wrote in The Wall Street Journal that Europe should reduce its reliance on Russian gas exports and the US should help the continent meet its energy needs by increasing oil production.

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