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Energy Crisis: Russia’s Oil and Gas Trade Turnover under Western Sanctions Pressure

Author

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  • Marianna Serezhaevna OVAKIMYAN

    (MGIMO - University, Moscow, Russia)

  • German Eldarovich YUSUPOV

    (MGIMO - University, Moscow, Russia)

Abstract

The article examines the current state of the energy dialogue between Russia and the West. The oil and gas crisis is changing the usual picture of Russia’s foreign trade relations, forcing the European countries to look for new ways of cooperation and transforming the World trade Web. The result of the new EU policy is already deeply felt by European consumers: the European Commission regularly proposes measures to reduce energy consumption, news outlets report about the “end of the world” in winter due to the lack of necessary gas reserves, and citizens are looking for ways to save electricity due to higher prices. European countries are shrouded in panic about their future amid the energy crisis, and the political elites of Europe are trying to mitigate the consequences of abandoning Russian energy supplies. The purpose of the paper is to trace the main stages in the development of the current energy crisis, identifying the causes and possible scenarios for the conflict.

Suggested Citation

  • Marianna Serezhaevna OVAKIMYAN & German Eldarovich YUSUPOV, 2022. "Energy Crisis: Russia’s Oil and Gas Trade Turnover under Western Sanctions Pressure," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 10, pages 54-69, October.
    • Handle: RePEc:alq:rufejo:rfej_2022_10_54-69
    DOI: 10.24412/2072-8042-2022-10-54-69
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