MACRO PICTURE
End of the Ukraine-Russia Gas Deal: Europe’s Energy Crisis and Fallout
By Nato Balavadze
22 January 2025
In this paper we discuss:
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The escalating consequences for EU gas prices and supply security from the war in Ukraine;
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The impact on Russia's economy amid strong energy exports;
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The economic cost of LNG transition; and
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The reactions by Slovakia and Hungary, given their energy leverage against Ukraine.
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Download PDF: Ukraine-Russia Gas - January 2025
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