One Year On: Energy Amid The Russia – Ukraine Conflict

A year into the conflict, it can be concluded that Russia played its energy card strongly and it did not benefit from it. The country now faces the likelihood of further declines in oil & gas output in 2023 and a permanent loss of standing in the energy world. Russia has not only lost a major customer in Europe, but also access to key technologies and financing that were crucial to its domestic energy production. Even following a cessation of hostilities, peace, even a change in the Russian political system, its legacy customers will not forget this episode.