Ukraine has officially halted the transit of Russian gas to Europe after a key deal with Moscow expired. European nations have prepared alternative supply routes to mitigate disruptions, with imports of liquefied natural gas and pipeline gas from non-Russian sources increasing significantly. Analysts expect a rise in spot gas prices but not a major spike, as the European Union has taken steps to ensure energy stability. Kremlin-owned Gazprom, already grappling with reduced sales to Europe, faces an additional $5 billion loss in gas sales due to the halted transit. Ukrainian President Volodymyr Zelensky called the decision one of Russia's “greatest defeats.