War Is Raging, But Russia Is Still Paying Ukraine for Gas Flows
- Ukraine is being paid in hard currency for Europe gas transit
- Russian gas shipments to Europe jumped after the war started
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It’s been a month since the war started, but Russia is actually shipping more natural gas through Ukraine and Moscow is still paying Kyiv in full for transiting the fuel to Europe.
Daily gas flows from Russia at some point surged more than 50% from January lows, with shipments traveling through Ukrainian pipelines more than doubling as energy companies rushed to buy after the invasion. Exports from Europe’s top supplier became cheaper than buying gas in the spot market, and Russia is still paying for transit in hard currency, according to Yuriy Vitrenko, chief executive officer of NJSC Naftogaz Ukrainy, Ukraine’s largest state-owned oil and gas company.