Russia’s invasion of Ukraine and energy price in Europe

Russia’s invasion of Ukraine came  in February this year which prompted the United States and other Western countries to impose sanctions on the former. Being a dominant player in the world crude oil production and export, and also a member of the expanded Organization of the Petroleum Exporting Countries (OPEC+), the economic sanctions disrupted crude oil supply to the world and hampered factory activities in energy-deficient Europe. In the pre-Russia-Ukraine war era, several countries in Europe were fully reliant on energy supply from Russia.

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