Budapest, Jan 8 Natural gas prices in Europe have surged by 20 per cent after Ukraine ceased the transit of Russian natural gas through its territory, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said.
Ukraine halted the transit of Russian natural gas to Europe on January 1, following the expiration of a five-year transit agreement.
In a Facebook post on Tuesday, Szijjarto attributed the increase in natural gas prices to "artificially imposed reductions in supply" originating from political decisions and sanctions.
The European Union (EU)'s competitiveness has suffered significantly, said Szijjarto, adding that higher natural gas prices than those paid by global competitors are to blame.
Hungary, which imports natural gas through multiple routes, has managed to maintain a secure energy supply. Szijjarto noted the strategic importance of the Turkish Stream pipeline. Without it, he said, Hungary "would now be in an extremely difficult position as a landlocked country."
In a call with his Slovak counterpart Juraj Blanar, Szijjarto called for adherence to the EU-Ukraine Association Agreement, which includes provisions for maintaining energy supply routes.
While Hungary remains committed to its energy cost reduction measures, Szijjarto said, he also warned that rising gas prices continue to create "new competitiveness challenges" for the EU.
The minister reaffirmed Hungary's intent to collaborate with regional partners to navigate these difficulties.
Meanwhile, earlier on January 2, Slovak Prime Minister Robert Fico said that his Smer-SD party is ready to negotiate with coalition partners about reciprocal measures against Ukraine following the halt of Russian gas transit.
The measures may include cutting electricity supplies to Ukraine and limiting support for Ukrainian citizens in Slovakia, Fico said on social media.
Fico called the situation "extremely serious and deserving of a sovereign response from Slovakia."
He said Slovakia stands to lose 500 million euros ($513 million) annually in transit fees after Ukrainian President Volodymyr Zelensky decided to stop Russian gas transit through Ukraine. Gas flow to Slovakia ceased on January 1, 2025, after the transit contract expired on December 31, 2024.
The only alternatives for Slovakia are to resume transit or to seek compensation mechanisms to make up for the loss, added Fico.
Fico emphasised that only the United States benefits from Zelensky's decision through increased gas exports to Europe, while Russia faces no significant harm.
--IANS
int/sd
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor