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The Guardian - UK

Business

Mark Sweney

Wholesale gas price hits highest level in 14 months after Russian supplies stop

Russia Ukraine Europe

A close up view of gas pipes — A part of Polish section of the Yamal pipeline that links Russia with western Europe in 2022. Photograph: Kacper Pempel/Reuters

The wholesale price of gas has risen to its highest level in more than a year after Russian supplies stopped flowing to rest of Europe via Ukraine.

Benchmark prices rose on Thursday to the highest level since October 2023, a day after a longstanding transit contract between Russia and Ukraine expired. Russian gas deliveries across Ukraine ended in the early hours of New Year’s Day.

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