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An examination of the oil market at the outset of the Russia-Ukraine conflict

Author

Listed:
  • Faruk Balli

    (Massey University & Al-Farabi Kazakh National University)

  • Md Iftekhar Hassan Chowdhury

    (Independent Researcher)

  • Mabruk Billiah

    (Prince Mohammad Fahd University)

Abstract

The study explores the drift in the connectedness of 28 global energy markets during the Russian-Ukraine war that instigated one of the largest energy disruptions in history. We reveal a significant positive relationship between the energy dependency on Russia and the change in the return shock transmission. Though some developed markets with diversified energy sources signpost resistance post-invasion, most neighboring countries with higher energy dependency are exposed to amplified connectivity and vulnerability to shock transmission.

Suggested Citation

  • Faruk Balli & Md Iftekhar Hassan Chowdhury & Mabruk Billiah, 2025. "An examination of the oil market at the outset of the Russia-Ukraine conflict," Economics Bulletin, AccessEcon, vol. 45(1), pages 118-129.
    • Handle: RePEc:ebl:ecbull:eb-24-00343
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I1-P12.pdf
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    More about this item

    Keywords

    Russia-Ukraine war; Energy markets; Time-varying model; Connectedness index;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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