Slovak leader Robert Fico, a pro-Russian politician, tried to intimidate the European Union with a possible gas crisis if Ukraine stopped the transit of gas from Russia through its territory, but he failed to do so.
Points of attention
- Fico's predictions turned out to be wrong, and gas prices remained stable.
- Gas storage facilities in Slovakia are more than three-quarters full, which is a good indicator.
- Vladimir Putin and Robert Fico failed in their attempts to intimidate Ukraine and the EU.
Fico's threats never scared
Foreign analysts point out that the politician's predictions turned out to be wrong, and gas prices did not skyrocket.
What is important to understand is that gas storage facilities in Slovakia are more than three-quarters full, which is higher than the seasonal average. As for Hungary, it is about 68%. The situation is identical in the Czech Republic.
Laurent Roussécas, a leading expert on gas markets and executive director of S&P Global, commented on this:
Of course, there is no crisis... There are no problems with supplies to Slovakia or other countries like Austria and the Czech Republic. The volume of storage is relatively high compared to demand, so even if there were no alternative sources, there would be no problems with supply. And there are enough alternative sources, — the expert emphasized.
According to energy expert Michal Kotsurek, the impact on the European Union as a whole will be insignificant.
He also noted that it will soon become clear to everyone that Slovakia is well supplied, there are no problems, and prices on the EU market are falling.
Fico tried to deceive Ukraine and the EU
GLOBSEC economist Volodymyra Voño draws attention to the fact that Slovakia was actually well prepared for the cessation of transit through Ukraine, because it knew what awaited it.
Although bills may increase slightly, traders have already priced in the suspension of transit, and the German government's decision to waive transit fees for gas supplied to Central Europe will help avoid a sharp jump in prices.
The Slovak leader will lose income from transporting Russian gas to its neighbors, and the state-owned energy company SPP will lose tens of millions of euros.
Fico's increasingly desperate attempts to preserve his profit margin drove another wedge between him and EU leaders. A surprise visit to Moscow on December 22 for direct talks with Vladimir Putin drew condemnation. Slovakia lost leverage over Ukraine.
