Slovakia Reports No Deficit Following Suspension of Russian Gas Transit via Ukraine

Slovakia has confirmed that the cessation of Russian gas transit through Ukraine will not result in a gas shortage in the country. However, the move will lead to financial losses due to the lost revenues from Moscow.

According to the Slovak Ministry of Economy, Slovakia is technically well-prepared for the suspension of Russian gas supplies via Ukraine. The state-owned company SPP has stored 20% more gas in underground reservoirs compared to the previous year. Additionally, the SPP’s contracted storage facilities are nearly at full capacity, even at the end of December, which is unusual for this time of year.

SPP also maintains a diversified portfolio of gas suppliers, including major international energy companies such as BP, Exxon Mobil, Shell, RWE, and ENI. Furthermore, Slovakia is connected to the gas networks of all its neighboring countries, allowing for the flexible transportation of natural gas in any direction.

As a result, the halt of Russian gas transit will primarily have financial implications for Slovakia. The country’s gas companies will face an increase of approximately 177 million euros in transit fees, as gas will now be transported from the west rather than the east. Slovakia will also lose tens of millions of euros in transit fees for gas transiting to third countries.

Earlier, Slovak Prime Minister Robert Fico warned that Slovakia could suspend energy supplies to Ukraine if Kyiv halts the transit of Russian gas to Central Europe. Fico stated that after January 1, Slovakia would assess the situation and consider reciprocal measures, including potentially cutting electricity supplies critical to Ukraine during network outages.

Ukrainian President Volodymyr Zelenskyy criticized Slovak Prime Minister Robert Fico’s threat to halt electricity imports to Ukraine, suggesting it aligns with Russian interests. Zelenskyy warned that such actions could exacerbate Ukraine’s energy crisis, which is a result of Russia’s occupation of the Zaporizhzhia Nuclear Power Plant and attacks on Ukrainian infrastructure. He also highlighted the potential negative impact on Slovakia’s relationship with the European community, urging a more cooperative approach to energy supply within the EU.