IDEAS home Printed from https://ideas.repec.org/a/eee/jrpoli/v86y2023ipbs0301420723008255.html
   My bibliography  Save this article

Consequences of the energy measures derived from the war in Ukraine on the level of prices of EU countries

Author

Listed:
  • Martínez-García, Miguel Á.
  • Ramos-Carvajal, Carmen
  • Cámara, Ángeles

Abstract

The war in Ukraine and the sanctions imposed by the European Union on Russia, which is one of the largest exporters of gas and oil, are currently causing a serious energy crisis. The aim of our work is to analyze the effects that the rise in fossil fuel prices, due to the embargo on Russian gas and oil resulting from the war in Ukraine, is having on the productive sectors of European economies. We apply input-output methodology, which allows to determine and analyze the impacts experienced both in production and prices, when there is a change in an exogenous variable. The results show that not all countries and sector were affected in the same way. In fact, there are significant differences that should be considered. European countries should keep inflation under control, without social welfare losses.

Suggested Citation

  • Martínez-García, Miguel Á. & Ramos-Carvajal, Carmen & Cámara, Ángeles, 2023. "Consequences of the energy measures derived from the war in Ukraine on the level of prices of EU countries," Resources Policy, Elsevier, vol. 86(PB).
    • Handle: RePEc:eee:jrpoli:v:86:y:2023:i:pb:s0301420723008255
    DOI: 10.1016/j.resourpol.2023.104114
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301420723008255
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.resourpol.2023.104114?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Lee, Yusin, 2017. "Interdependence, issue importance, and the 2009 Russia-Ukraine gas conflict," Energy Policy, Elsevier, vol. 102(C), pages 199-209.
    2. Serap Elustu, 2021. "Energy Security of the European Union: The Relationship between Energy Import Dependency and Economic Growth," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 71(1), pages 133-162, June.
    3. Florin Aliu & Isa Mulaj & Simona Hašková, 2023. "Consequences of the Russia-Ukraine war: evidence from DAX, ATX, and FTSEMIB," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 40(3), pages 549-568, March.
    4. Cristian Mardones, 2023. "Economic effects of isolating Russia from international trade due to its ‘special military operation’ in Ukraine," European Planning Studies, Taylor & Francis Journals, vol. 31(4), pages 663-678, April.
    5. Jaakko J. Jääskeläinen & Sakari Höysniemi & Sanna Syri & Veli-Pekka Tynkkynen, 2018. "Finland’s Dependence on Russian Energy—Mutually Beneficial Trade Relations or an Energy Security Threat?," Sustainability, MDPI, vol. 10(10), pages 1-25, September.
    6. Di Bella, Gabriel & Flanagan, Mark & Foda, Karim & Maslova, Svitlana & Pienkowski, Alex & Stuermer, Martin & Toscani, Frederik, 2024. "Natural gas in Europe: The potential impact of disruptions to supply," Energy Economics, Elsevier, vol. 138(C).
    7. Gert Bijnens & Jozef Konings & Stijn Vanormelingen, 2022. "The impact of electricity prices on European manufacturing jobs," Applied Economics, Taylor & Francis Journals, vol. 54(1), pages 38-56, January.
    8. Wang, Wenya & Fan, L.W. & Zhou, P., 2022. "Evolution of global fossil fuel trade dependencies," Energy, Elsevier, vol. 238(PC).
    9. Kotek, Péter & Selei, Adrienn & Takácsné Tóth, Borbála & Felsmann, Balázs, 2023. "What can the EU do to address the high natural gas prices?," Energy Policy, Elsevier, vol. 173(C).
    10. Cui, Lianbiao & Yue, Suyun & Nghiem, Xuan-Hoa & Duan, Mei, 2023. "Exploring the risk and economic vulnerability of global energy supply chain interruption in the context of Russo-Ukrainian war," Resources Policy, Elsevier, vol. 81(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ahad, Muhammad & Imran, Zulfiqar Ali & Shahzad, Khurram, 2024. "Safe haven between European ESG and energy sector under Russian-Ukraine war: Role of sustainable investments for portfolio diversification," Energy Economics, Elsevier, vol. 138(C).
    2. De Nicolò, Michele & Fraccascia, Luca & Pontrandolfo, Pierpaolo, 2024. "How the energy procurement switching strategies (driven by the Russia-Ukraine conflict) impact the global sustainability? The global sustainability dashboard," Ecological Economics, Elsevier, vol. 225(C).
    3. L. Kornher & T. Balezentis & F. G. Santeramo, 2024. "EU food price inflation amid global market turbulences during the COVID‐19 pandemic and the Russia–Ukraine War," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 46(4), pages 1563-1584, December.
    4. Bijańska, Jolanta & Wodarski, Krzysztof, 2024. "Hard coal production in Poland in the aspect of climate and energy policy of the European Union and the war in Ukraine. Investment case study," Resources Policy, Elsevier, vol. 88(C).
    5. Gradzewicz, Michał & Jabłonowski, Janusz & Sasiela, Michał & Żółkiewski, Zbigniew, 2024. "The impact of energy price increases on the Polish economy," Energy Economics, Elsevier, vol. 140(C).
    6. Balaguer, Jacint & Ripollés, Jordi, 2024. "Assessing a fuel subsidy: Dynamic effects on retailer pricing and pass-through to consumers," Energy Economics, Elsevier, vol. 138(C).
    7. Xu, Shuanglei & Deng, Youyi & Nepal, Rabindra & Jamasb, Tooraj, 2024. "Geopolitical Conflict and Risk and the EU Energy Trading: A Dynamic Evolutionary Networks Analysis," Working Papers 14-2024, Copenhagen Business School, Department of Economics.
    8. Arfaoui, Nadia & Roubaud, David & Naeem, Muhammad A., 2025. "Energy transition metals, clean and dirty energy markets: A quantile-on-quantile risk transmission analysis of market dynamics," Energy Economics, Elsevier, vol. 143(C).
    9. repec:vrs:ecdipl:v:3:y:2025:i:1:p:41-51:n:1004 is not listed on IDEAS
    10. Andreas Constantinides & Martha Katafygiotou & Thomas Dimopoulos & Iosif Kapellakis, 2024. "Retrofitting of an Existing Cultural Hall into a Net-Zero Energy Building," Energies, MDPI, vol. 17(7), pages 1-23, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tomasz Rokicki & Piotr Bórawski & András Szeberényi, 2023. "The Impact of the 2020–2022 Crises on EU Countries’ Independence from Energy Imports, Particularly from Russia," Energies, MDPI, vol. 16(18), pages 1-26, September.
    2. Xiao, Renrong & Zhao, Pengjun & Huang, Kangzheng & Ma, Tianyu & He, Zhangyuan & Zhang, Caixia & Lyu, Di, 2025. "Liquefied natural gas trade network changes and its mechanism in the context of the Russia–Ukraine conflict," Journal of Transport Geography, Elsevier, vol. 123(C).
    3. Wadim Strielkowski & Anna Sherstobitova & Patrik Rovny & Tatiana Evteeva, 2021. "Increasing Energy Efficiency and Modernization of Energy Systems in Russia: A Review," Energies, MDPI, vol. 14(11), pages 1-19, May.
    4. Yang, Xiaoming & Islam, Md. Monirul & Mentel, Grzegorz & Ahmad, Ashfaq & Vasa, László, 2024. "Synergistic dynamics unveiled: Interplay between rare earth prices, clean energy innovations, and tech companies' market resilience amidst the Covid-19 pandemic and Russia-Ukraine conflict," Resources Policy, Elsevier, vol. 89(C).
    5. Dimitrios Dimitriou & Panagiotis Zeimpekis, 2022. "Appraisal Modeling for FSRU Greenfield Energy Projects," Energies, MDPI, vol. 15(9), pages 1-21, April.
    6. Wang, Shunli & Wu, Fan & Takyi-Aninakwa, Paul & Fernandez, Carlos & Stroe, Daniel-Ioan & Huang, Qi, 2023. "Improved singular filtering-Gaussian process regression-long short-term memory model for whole-life-cycle remaining capacity estimation of lithium-ion batteries adaptive to fast aging and multi-curren," Energy, Elsevier, vol. 284(C).
    7. Gökçe, Osman Zeki & Hatipoglu, Emre & Belaïd, Fateh, 2024. "Navigating energy diplomacy in times of recovery and conflict: A study of cross-border energy trade dynamics," Resources Policy, Elsevier, vol. 90(C).
    8. Serkan Eti & Yaşar Gökalp & Alexey Mikhaylov, 2023. "Making Risk Evaluation for The Renewable Energy Investments in The Telecommunications Sector with SF TOP-DEMATEL Methodology," Journal of Sustainable Development Issues (JOSDI), SDIjournals, vol. 1(1), pages 13-22, December.
    9. Guo, Yaoqi & Zhao, Boya & Zhang, Hongwei, 2023. "The impact of the Belt and Road Initiative on the natural gas trade: A network structure dependence perspective," Energy, Elsevier, vol. 263(PD).
    10. Yang, Weixin & Pan, Lingying & Ding, Qinyi, 2023. "Dynamic analysis of natural gas substitution for crude oil: Scenario simulation and quantitative evaluation," Energy, Elsevier, vol. 282(C).
    11. Deng, Jing & Xu, Zihan & Xing, Xiaoyun, 2024. "Extreme risk contagions among fossil energy companies in China: Insights from a multilayer dynamic network analysis," Energy, Elsevier, vol. 306(C).
    12. Ding, Yueting & Chen, Sai & Zheng, Yilei & Chai, Shanglei & Nie, Rui, 2022. "Resilience assessment of China's natural gas system under supply shortages: A system dynamics approach," Energy, Elsevier, vol. 247(C).
    13. Tatiana Yu. Kudryavtseva & Angi E. Skhvediani & Maiia S. Leukhina & Alexandra O. Schneider, 2023. "A Fuzzy Model for Personnel Risk Analysis: Case of Russian-Finnish Export-Import Operations of Small and Medium Enterprises," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(3), pages 683-709.
    14. Yan, Jingjing & Guo, Yaoqi & Zhang, Hongwei, 2024. "The dynamic evolution mechanism of structural dependence characteristics in the global oil trade network," Energy, Elsevier, vol. 303(C).
    15. Wang, Zhe & Cao, Menglong & Tang, Haobo & Ji, Yulong & Han, Fenghui, 2024. "A global heat flow topology for revealing the synergistic effects of heat transfer and thermal power conversion in large scale systems: Methodology and case study," Energy, Elsevier, vol. 290(C).
    16. Marcelo Azevedo Benetti & Florin Iov, 2023. "A Novel Scheme to Allocate the Green Energy Transportation Costs—Application to Carbon Captured and Hydrogen," Energies, MDPI, vol. 16(7), pages 1-20, March.
    17. Simone Emiliozzi & Fabrizio Ferriani & Andrea Gazzani, 2025. "The European Energy Crisis and the Consequences for the Global Natural Gas Market," The Energy Journal, , vol. 46(1), pages 119-145, January.
    18. Narendra Gariya & Anjas Asrani & Adhirath Mandal & Amir Shaikh & Dowan Cha, 2025. "A Comprehensive Analysis of Integrating Blockchain Technology into the Energy Supply Chain for the Enhancement of Transparency and Sustainability," Energies, MDPI, vol. 18(11), pages 1-24, June.
    19. Nibas Chandra Deb & Jayanta Kumar Basak & Bhola Paudel & Sijan Karki & Dae-yeong Kang & Seong-woo Jeon & Eun-wan Seo & Junghoo Kook & Myeong-yong Kang & Hyeon-tae Kim, 2024. "Estimation of Energy Balance throughout the Growing–Finishing Stage of Pigs in an Experimental Pig Barn," Agriculture, MDPI, vol. 14(6), pages 1-16, May.
    20. Li, Zhengbing & Liang, Yongtu & Ni, Weilong & Liao, Qi & Xu, Ning & Li, Lichao & Zheng, Jianqin & Zhang, Haoran, 2022. "Pipesharing: economic-environmental benefits from transporting biofuels through multiproduct pipelines," Applied Energy, Elsevier, vol. 311(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jrpoli:v:86:y:2023:i:pb:s0301420723008255. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30467 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.