Russia’s wartime economy has been sustained, in part, by oil and gas revenues as Europe has relied on it for several decades. Key to that arrangement is Ukraine, the country Russia is at war with, as the countries have a deal in place to allow Russian gas to transit via Ukraine and reach Europe.
The deal is nearing expiry when the year ends, and Ukrainian President Volodymyr Zelensky has resisted renewing the contract on the same terms even if the Kremlin wants it to. This could create a worry for Russia amid the plunging value of the ruble and a protracted war.
