On Wednesday, Russia warned European consumers that they would face higher gas prices if an agreement to transport Russian gas through Ukraine, set to expire on December 31, is not extended. Kremlin spokesperson Dmitry Peskov stated that Russia would find alternative routes if the agreement is not renewed, but European consumers would bear the cost.

Peskov emphasized that Ukraine’s refusal to extend the contract for Russian gas transit through its territory would severely harm European consumers’ interests. He remarked, “Such a decision by the Ukrainian side would, of course, cause significant damage to the interests of European consumers,” adding, “There are alternative routes and new plans to establish a hub in Turkey, and work is ongoing in this regard.”