Fears of halt in Russian gas flows through Ukraine prompt Moldova to declare a state of emergency.

• On Friday, Moldova's parliament approved a state of emergency due to concerns about an imminent danger to energy security.
• Moldova, a landlocked country in northeastern Europe's Balkan region, receives Russian gas through its neighbor, Ukraine.
• The gas transit agreement between Russia's Gazprom and Ukraine's Naftogaz will expire on December 31, and Kyiv has stated that it has no plans to renew the contract.

On Friday, Moldova's parliament approved a 60-day state of emergency due to concerns about an imminent threat to its citizens' security, following anticipation of a halt in Russian gas flows.

Moldova, a landlocked country in northeastern Europe's Balkan region, receives Russian gas through its neighbor, Ukraine.

The gas transit agreement between Russia's Gazprom and Ukraine's Naftogaz will expire on December 31, and Kyiv has stated that it has no plans to renew the contract.

The Moldovan parliament passed a resolution with the support of 56 lawmakers to declare a nationwide state of emergency, which the government stated would enable the country to implement various measures to avert and alleviate the danger of inadequate energy supplies.

The halt of Russian gas to Moldova's Transnistrian region could lead to a humanitarian crisis and pose risks to the country's energy sector, as stated in a press release from Moldova's parliament.

Dorin Recean, Moldova's Prime Minister, stated that this winter will be the final one in which the country's energy supplies can be held hostage.

Russia has previously stated that it is prepared to continue providing gas to Europe through Ukraine, despite launching a full-scale invasion of Ukraine nearly three years ago.

On Friday morning, Russia carried out a large-scale air raid on Ukraine's energy facilities. According to Ukrainian President Volodymyr Zelenskyy, Moscow employed 93 missiles and approximately 200 drones in the assault.

The halt of Russian gas deliveries to Europe through Ukraine will result in the European Union losing approximately 15 billion cubic meters of gas annually, equivalent to 5% of its total imports, according to analysts at Dutch bank ING.

ING's head of commodities strategy, Warren Patterson, stated in a research note published Wednesday that while there have been attempts to maintain gas flows through a possible swap with Azerbaijan, these efforts will cease, and the market should reflect this.

If these flows continue, the European market will be better supplied than many expected, posing a downside risk to the market.