Putin Describes New Gas Transit Deal Chance Through Ukraine as "Difficult"

Investing.com -- Russian President Vladimir Putin acknowledged that it would be difficult to negotiate a new contract for natural gas transit through Ukraine. Speaking at a press conference near St. Petersburg on Thursday, Putin stated that it would be impossible to finalize a contract in just three to four days.

Putin also discussed various proposals involving Hungary, Slovakia, Turkey, or Azerbaijan taking control of gas transit through Ukraine. However, each proposal presents its own set of challenges, as Russia's majority-owned multinational energy company Gazprom PJSC holds long-term contracts that cannot be easily altered.

Earlier this month, Ukrainian President Volodymyr Zelenskyy stated that his country would not allow the transit of Russian-origin gas across its borders unless assurances were provided that the Kremlin would not benefit financially from the ongoing conflict.

The existing gas transit contract between Russia and Ukraine is set to expire this month. Many countries, including Slovakia, remain largely dependent on Gazprom to meet gas demand, even as a significant part of Europe gradually reduces its reliance on Russian pipeline gas.

In a separate development, Putin noted that Ukraine's Naftogaz company’s lawsuit claiming that Gazprom did not fully compensate for its transit services posed another obstacle to reaching a swift agreement. Naftogaz had brought this claim to court in Switzerland in 2022.

Putin suggested that Russia could explore alternative routes and would be ready to begin supplying gas to Europe through Poland immediately, provided the Warsaw government grants approval. He also stated that Ukraine should withdraw its claim in court to facilitate the negotiation process.

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