Moldova has historically relied on imported gas from Russia's Gazprom, but this supply is now at risk due to the conflict in Ukraine. (Source: parstoday)

The European Bank for Reconstruction and Development (EBRD) announced on October 17 that it and Norway will extend a 199 million euro ($209.7 million) financial support package to Moldova to strengthen the Eastern European country's energy security amid the ongoing Russia-Ukraine conflict.

The new support package includes a 165 million euro loan from the EBRD and a 34 million euro grant from Norway, according to the announcement.

The new decision brings the total amount of funding provided by the EBRD to Moldova for gas imports since the outbreak of the conflict in Ukraine (February 2022) to around €500 million.

The new money is expected to be used by Moldova's state-owned company Energocom to buy gas from terminals in the European Union (EU).

Moldova previously relied on imported gas from Russia's Gazprom, but that supply is now at risk due to the conflict.

To reduce its dependence on Russian gas, Moldova is increasing its gas imports from Europe, aiming to source at least 75% of its gas from European sources for the coming winter, the EBRD noted.