Moldova declares a state of energy emergency due to fear of Russian gas interruption!
Moldova's parliament voted on Friday to approve a 60-day state of emergency, citing fears of an immediate threat to the security of its citizens ahead of an expected halt to Russian gas flows.
Russian gas currently reaches Moldova, a landlocked country in the northeastern corner of Europe's Balkan region, via its neighbor Ukraine.
However, a gas transit agreement between Russia's Gazprom and Ukraine's Naftogaz is due to expire on December 31, and Kiev has repeatedly said it has no intention of extending the contract.
A total of 56 lawmakers in Moldova's 101-seat parliament voted in favor of a nationwide state of emergency, which the government said would allow the country to implement a series of measures to prevent and mitigate the threat of insufficient energy resources.
Cutting off Russian gas in Moldova's Transnistrian region could generate "a humanitarian crisis" as well as "risks to the operation and stability" of the country's energy sector, according to a press release from Moldova's parliament.
Moldovan Prime Minister Dorin Recean said this winter should be the last in the country's history to be held hostage to energy supplies. Russia, which launched a full-scale invasion of Ukraine nearly three years ago, has previously said it is willing to continue supplying Europe with gas through Ukraine.
Russia launched a massive airstrike against Ukraine's energy infrastructure on Friday morning. Ukrainian President Volodymyr Zelenskyy said Moscow used 93 missiles and nearly 200 drones in the attack.
Analysts at the Dutch bank ING said that cutting off Russian gas supplies to Europe via Ukraine would mean the European Union would lose around 15 billion cubic meters of gas supplies a year, which is equivalent to around 5% of total imports.
"While there have been some attempts to keep gas flowing through a potential swap with Azerbaijan, it appears these flows will stop and we believe that should be priced into the market," said Warren Patterson, head of commodities strategy. in ING in a research note published on Wednesday. "This leaves a downside risk for the market. If for some reason these flows continue, the European market will be left better supplied than many expected," he added.
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