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Ukraine War on Energy

Last updated on March 11, 2023

Oil markets have undergone significant changes since Russia’s invasion of Ukraine in February 2022. Russia used to export oil to Europe, but now most of its oil goes to Asia, resulting in two different oil markets. The West imposed several sanctions on Russia, including a G7 price cap on Russian oil, and an EU ban on Russian oil product exports. As a result, Russia’s oil sales have dropped, and its customers are demanding lower prices. The energy sector had a good year in 2022, but it’s experiencing a slow 2023 due to warm winter weather causing natural gas prices to plummet. However, renewable energy efforts are increasing in both the US and Europe, with renewable electricity capacity in the EU projected to double between 2022 and 2027.

Complex Terms:

EU – The European Union is a union of 27 European nations

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