The costs of Russia’s invasion of Ukraine
Behind the Money
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The Impact of the Invasion of Ukraine by Russia on the World Energy Markets
Full-scale invasion of Ukraine by Russia last year has had a seismic impact on the oil market. Pressure had been building on Western oil and gas companies to slow investment in new fossil fuels. That pressure accelerated during the COVID pandemic when restrictions on movement crushed oil demand overnight. By the time the invasion happened, global energy markets were already under strain.
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