Russia's gas supply to Europe via Ukraine stops as the five-year gas transit deal expires on January 1, 2025. Ukraine refuses to extend the deal.

The transit deal was mutually beneficial, generating billions of dollars in revenue. Both Russia and Ukraine face financial losses.

Russia can still export gas to Europe through Turkey, but this route is longer and less efficient.

Europe now has more flexibility to source gas from the Middle East and other regions, reducing dependence on Russian gas.

Liquefied natural gas (LNG) from Qatar, the United States, and Norway helps Europe safeguard its energy economy.

The war in Ukraine has heightened tensions, contributing to the end of the gas deal and a division over Russia’s actions in Crimea.

Gazprom, Russia's state-controlled gas exporter, recorded a $7 billion loss last year, its first loss since 1999.

Ukraine faces an annual loss of about $800 million in transit fees due to the halted gas supply.

Slovakia and Austria have arranged alternative gas supply sources to mitigate the impact of the deal's end.

With Europe no longer a major buyer, Russia's only significant gas buyer is China.