The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract first signed in 2019 were slim, even though the route through Ukraine accounts for almost 5% of Europe's total gas imports, the newspaper reported.
Russian gas giant Gazprom (GAZP.MM) warned in April that Europe's ability to maintain ample gas stocks in the 2023/2024 winter hinges on Asia's demand given "critically low" supplies from Russia.
European gas prices rose last year on Gazprom's threat to cut flows to Moldova, as the supply route, which goes through Ukraine, is the last functioning Russian gas corridor to Europe.
The European Union last year invested heavily in LNG imports and adopted regulation to boost storage to fend off any shortage after Russian gas supplies to Europe shrank following Moscow's special military operation in Ukraine.
Reporting by Baranjot Kaur in Bengaluru; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.
Persons:
Galushchenko, Baranjot Kaur, Christopher Cushing, Sonali Paul
Organizations:
Gazprom PAO, Gazprom, Financial Times, German, European Union, Thomson
Locations:
Russia, Europe, Ukraine, Kyiv, Moscow, Moldova, Bengaluru