Flows of Russian gas via Ukraine were halted on Jan. 1 after a prewar transit deal expired, reducing supplies and causing disruptions for European countries like Slovakia and Austria. In order to offset losses and replenish fast depleting inventories, the European Union is now expected to significantly boost imports of liquefied natural gas.

European natural-gas prices plunged after the U.S. and Russia agreed to start talks to end the war in Ukraine, raising prospects that the Kremlin’s flows to the continent will resume.