THE RUSSIAN-UKRAINIAN CRISIS AND THE ENERGY MARKET

The paper deals with the current crisis, the Russian-Ukrainian war, and events on the energy market. Emphasis is placed on the European Union since Russia is of strategic importance in the trade of major energy products. Namely, the majority of Russian energy exports on a daily basis is directed tow...

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Bibliographic Details
Published in:DIEM 2023-08, Vol.8 (1), p.83-92
Main Author: Nikolić, Helena
Format: Article
Language:English
Subjects:
Alternative energy sources
Economic activity
Economic growth
Energy consumption
Energy efficiency
Energy industry
Energy market
Energy resources
European union
Fossil fuels
Global economy
Inflation
International trade
Natural gas
Renewable resources
Russian-Ukrainian war
Suppliers
Supply & demand
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Summary:The paper deals with the current crisis, the Russian-Ukrainian war, and events on the energy market. Emphasis is placed on the European Union since Russia is of strategic importance in the trade of major energy products. Namely, the majority of Russian energy exports on a daily basis is directed towards Europe. Nevertheless, Russia's aggressive venture was strongly condemned by the member states of the European Union, which are also members of NATO. Guided by the purpose of a peace alliance, despite energy connectivity, the European Union introduced a series of restrictive measures. Thus, it took an economically quite hostile position. In response to the restrictions, Russia predictably manipulated the energy supply chain and threatened Europe's energy survival. The European Union faced enormous challenges due to disturbed peace, social insecurity, energy uncertainty, inflation, threatened business and the gap between supply and demand. Therefore, this paper takes an analytical approach to this problem and analyses potential strategic solutions for both Europe and Russia. The end of the war is indefinite and still invisible, but what is doubtless is that the consequences in energy flows, strategic approaches and trends in the energy aspect will change forever.
ISSN:1849-5206
1849-3645
1849-5206
DOI:10.17818/DIEM/2023/1.10