Gazprom's Turkish stream boost sparks hefty EU costs
Gazprom plans to double its gas supplies to Slovakia via the Turkish Stream starting in April. This change is due to the expiration of the transit agreement with Ukraine. According to the Russian newspaper "Kommersant," Slovakia and the EU will experience financial repercussions as a result.
Gazprom, the Russian energy giant, announced a significant increase in gas supplies to Slovakia via the Turkish Stream. This information was confirmed by the CEO of SPP, Vojtech Ferencz, as reported by "Kommersant."
As of February 1, Gazprom resumed supplies for SPP, with plans to double them starting in April. The contract between SPP and Gazprom remains valid until 2034.
Previously, Slovakia received gas from Russia through Ukraine, but that transit agreement expired on January 1, 2025.
The Prime Minister of Slovakia, Robert Fico, highlighted that the country would incur a loss of about one billion euros due to higher gas prices. Meanwhile, the entire European Union will bear an approximate cost of 70 billion euros (75.8 billion dollars) due to the end of the transit through Ukraine.
The only route to Europe
The Turkish Stream is currently the sole gas supply route from Russia to Europe, with a capacity of 556 billion cubic feet annually.
In February, deliveries through this pipeline reached a record level, exceeding 13.8 billion cubic feet weekly. This pipeline has become a crucial component of Russia’s energy strategy in the region.
