Impact of Russia — Ukraine War on Energy Markets and Policy

Introduction

On February 24th, 2022, Russia illegally invaded Ukraine, causing unprecedented harm to its national sovereignty and unraveling a migration crisis with grave humanitarian costs. During this period, the European Union and the U.S. have imposed sanctions on Russian exports and imposed embargoes to stall the Kremlin’s development agenda and accelerate a diplomatic outcome to the current conflict. Russia’s illegal invasion coincided with an economic recovery following the COVID-19 pandemic. During this time, oil prices…