Ukraine has decided to stop transporting Russian gas to Europe after a deal with Moscow expired, marking a historic and symbolic shift in policy. As a result, both countries will incur financial losses: Ukraine will forfeit $800 million annually in transit fees, while Russia’s Gazprom will lose nearly $5 billion in sales. Europe, which has reduced its dependence on Russian gas from over 40% in 2021 to about 8% in 2023, will now receive Russian gas solely via the Turkstream pipeline. To compensate, the EU has increased imports of liquefied natural gas from the USA and pipeline gas from Norway. While analysts say Europe is unlikely to face energy shortages, refilling reserves may prove challenging, potentially driving up gas prices. Some regions have already reduced heating supplies, highlighting the ripple effects of the expired transit deal. Meanwhile, Russia and Ukraine have concluded one of their largest prisoner exchanges since the war began: see