The military conflict in Ukraine that began in February and the extensive sanctions against Russia that have been introduced following this have led to a volte-face in the European Union’s energy policy. Under pressure from both external partners and its internal political elite, the EU has declared that it is prepared to abandon Russian gas, oil and coal completely by 2027.
It is no exaggeration to say that the start of Russia’s military action in Ukraine and the ensuing sanctions against Russia have brought about a tectonic shift in the global economy, in which trade relations and links that have existed for decades risk being severed. One of the areas most affected by the crisis is energy.