Austria has insisted it is well prepared for the stoppage, but Slovakia has threatened to cut electricity supplies to neighboring Ukraine.

The ongoing conflict has highlighted the importance of diversifying gas supplies to build resilience against geopolitical risks.

Austria should not face supply disruption as it has prepared for the switch from eastern supplies of natural gas to western alternatives after Ukraine's contract with Gazprom expires on Tuesday, Austria's energy regulator E-Control said.

Ukraine’s decision to end the gas transit deal with Russian energy giant Gazprom has been hailed by President Volodymyr Zelensky as one of Moscow’s biggest defeats. Today, the transit of Russian gas is zero.

Ukrainian transit gas deal to Europe ended on Jan. 1. For now, the most acute effects are being felt in a region called Transnistria, on the eastern edge of Moldova.

After Kyiv cut off gas shipments from Russia through its pipeline, Vladimir Putin eyes other options for transporting gas. Take a look at this report as we dive into Moscow's plan to shield the country from financial damage.

The White House described Ukraine's suspension of Russian gas transit as one of the most expensive defeats for Moscow, costing it around US$6.5 billion in revenue each year. Source: John Kirby, White House National Security Communications Advisor,

This will clearly deprive Russia of about $6.5 billion in annual revenue from gas sales to Europe. It’s one of the biggest and most expensive losses for Moscow. Of course, we welcome Ukraine’s decision and its determination,