Russia Encircles CEE Gas Market and Bullies Ukraine

Kremlin Ambitions Visible in Energy Trade Route Change

19 April 2021

Zsuzsanna Szabó

Visegrad Insight Fellow

A Hungarian oil and gas firm subsidiary is indirectly about to give the Kremlin a chance to finish its work on bypassing the Ukrainian gas transit and encircle the Central and Eastern European gas market. While the gas link diversion appears not to cause noticeable financial damage to Gazprom’s EU gas supply business, the energy trade route change helps to advance Russia’s geopolitical ambitions.

Russian military movements on the Eastern Ukrainian border and in annexed Crimea have been taking place unhindered since mid-March. In the meantime, construction on a Hungarian-Serbian gas link is on track to be completed by 1 October 2021, according to natural gas transmission system operator (TSO) Földgázszállító Zrt (FGSZ).

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Zsuzsanna Szabó

Visegrad Insight Fellow

Visegrad Insight Fellow. Zsuzsanna Szabó is covering investor relations, shareholder activism and ESG (Environmental, Social and Corporate Governance) at a London-based finance magazine. Before joining the IR Magazine news team in January 2020, she worked as an energy market reporter for ICIS, an industry publication for one and a half years. During that time, she covered the CEE power markets. In 2017, she completed a Master’s degree in Media studies at the University of Westminster in London, with a dissertation on the rise of populism in Hungarian politics. She previously covered German and Austrian political news and the refugee crisis for Origo.hu, Hungary’s formal leading news portal.

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