Gazprom Glasnost Eases Europe’s Winter Jitters

European buyers can get jittery around this time of year, and with good reason: Russia has twice shut off the gas taps to Ukraine, the transit route through which 80% of its export volumes travel – once in the winter of ’05‐’06 and again in ’08‐’09. On neither occasion was there lasting damage. While the prospect of a repeat is enough to frighten shippers, particularly in central Europe, this year Moscow is enjoying a period of relative détente with its Western neighbours. Download here