The sun rises behind the landfall facility of the Nord Stream 1 Baltic Sea pipeline and the transfer station of the OPAL gas pipeline, the Baltic Sea Pipeline Link, in Lubmin, Germany, on July 21, 2022. (AP)

Russia is ready to supply gas to Europe, but the likelihood of such deliveries hinges on the stance of the buyers, according to Dmitry Birichevsky, head of the Russian Foreign Ministry's Department of Economic Cooperation, in a statement to RIA Novosti.

Birichevsky reaffirmed Russia's readiness to supply gas to Europe, referencing President Putin's assurances and the willingness to deliver fuel via Ukraine or the remaining Nord Stream pipeline. However, he emphasized that the potential for such deliveries depends entirely on the buyers.

This also comes as Russia receives signals from Western entities expressing the need for cooperation with Moscow, he stated, emphasizing Russia's openness to dialogue.

According to Birichevsky, "We can see that [interaction with Russia] is important for Western economic operators and the signals we get from them prove this. We hope that we will be able to develop an effective format of interaction with them."

He further revealed that preliminary figures suggest a year-on-year increase of 18% in Russian gas exports to Europe in 2024, totaling around 53 billion cubic meters.

Ukraine not to renew gas transit agreement with Russia

While Ukraine has decided not to renew its gas transit agreement with Russia beyond December 31, 2024, it continues to allow Russian oil transit via the Druzhba pipeline under a contract valid until the end of 2029.

This drew the ire of Hungary, whose Foreign Minister Peter Szijjarto argued that Ukraine's association agreement with the EU obliges it to contribute to the bloc's energy security by maintaining transportation routes.

"Each state has the sovereign right to decide from where and how it buys the energy resources it needs to function, and no one has the right to impose more expensive energy resources on another country," Szijjarto stated.

Hungary, along with Slovakia and Austria, depends heavily on Russian gas, purchased through Gazprombank, which is under Western sanctions.

Szijjarto claimed that halting energy transit would harm Hungary and contravene EU expectations for Ukraine's integration. He also accused Ukraine of exacerbating Europe's economic challenges, alleging that its actions have driven up gas prices on the EU market.