Finance
Slovakia will discuss retaliation after Ukraine's gas transit 'sabotage', says Fico
Published by Global Banking and Finance Review
Posted on January 2, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on January 2, 2025
(Reuters) - Slovakia's coalition government will discuss retaliatory measures to take against Ukraine after it halted the flow of Russian gas through its territory to Slovakia, Slovak Prime Minister Robert Fico said on Thursday.
Fico said in a video message posted on Facebook that his Smer party would consider cutting electricity supplies to Ukraine, lowering aid to Ukrainian refugees, and demanding the renewal of gas transits or compensation for losses he said Slovakia had suffered due to the ending of Russian gas flows.
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets, as a transit contract between Russia and Ukraine expired.
Slovakia has alternative gas supplies but Fico, who has ended military aid to Ukraine and sought warmer relations with Moscow, says Slovakia will lose its own transit revenues and pay additional transit fees to bring in non-Russian gas. He has also said European gas and power prices would rise as a result of Ukraine's actions.
Fico said a Slovak delegation would discuss the situation in Brussels next Tuesday and then his ruling coalition would discuss retaliation for what he called "sabotage" by Ukrainian President Volodymyr Zelenskiy.
"I declare (my Smer-SSD party) are ready to debate and agree in the coalition on halting supplies of electricity and on significant lowering of support for Ukrainian citizens in Slovakia," Fico said.
"The only alternative for a sovereign Slovakia is renewal of transit or demanding compensation mechanisms that will replace the loss in public finances of nearly 500 million euros."
Zelenskiy accused Fico last week of opening a "second energy front" against Ukraine on the orders of Russia.
(Reporting by Jan Lopatka in Prague; Editing by Gareth Jones and Hugh Lawson)