You're reading: Bloomberg: Why the Russia-Ukraine gas dispute worries Europe

Europe was shaken a decade ago when vital supplies of Russian natural gas piped across Ukraine cut out during the middle of winter during a dispute between the two former Soviet countries over prices. The 10-year deal reached to end the shutdown expires on Dec. 31, and another standoff is possible. But much has changed since 2009. Europe has diversified its sources of gas and stockpiled supply to guard against shocks. For its part, Russia now depends far less on Ukraine’s pipelines thanks to the construction of other routes — but it still needs a deal to export gas across its neighbor’s territory.

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