Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War

Jialiang Zhang; Matthew Grimes

doi:doi:10.11648/j.ijefm.20231103.18

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Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War

Jialiang Zhang, Matthew Grimes

Published in International Journal of Economics, Finance and Management Sciences (Volume 11, Issue 3)

Received: 16 March 2023 Accepted: 23 May 2023 Published: 29 May 2023

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Abstract

Russia and Europe have very close economic relations. In 2020, Russia was the fifth largest trading partner of the EU, with the EU's trade with Russia accounting for 4.8% of its total foreign trade. Following the outbreak of the Russia-Ukraine conflict, political and economic relations between Europe and Russia have deteriorated significantly, and both economies have suffered as a result. International energy prices have risen sharply due to the uncertainty surrounding global energy supply, trade and transport. Here, using Nord Stream as an analytical example, we looked in depth at the Russian-Ukrainian conflict in the energy sector and the prospects for the development of the energy sector in the aftermath of the conflict, as well as the potential implications for other countries, such as Western Europe and the United States. We concluded that the Russian-European game reflects the power differential resulting from their unequal and compounded interdependence structure, which has been affected to some extent by the outbreak of the Russia-Ukraine conflict. As the implementation of alternatives between Russia and Europe accelerates, the interdependence between the two will tend to decline in the future. However, the Russian-Ukrainian conflict will hardly fundamentally change the mutual benefits of the Russian-European gas relationship, which will remain competitive and uncertain due to the security crisis, differences in energy security concepts between the two sides and interference from the US.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 11, Issue 3)
DOI	10.11648/j.ijefm.20231103.18
Page(s)	145-150
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Energy Sector, Europe and Russia, Knock-on Effect, International Energy Price, International Economics and Finance

References

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APA Style

Jialiang Zhang, Matthew Grimes. (2023). Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. International Journal of Economics, Finance and Management Sciences, 11(3), 145-150. https://doi.org/10.11648/j.ijefm.20231103.18

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ACS Style

Jialiang Zhang; Matthew Grimes. Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. Int. J. Econ. Finance Manag. Sci. 2023, 11(3), 145-150. doi: 10.11648/j.ijefm.20231103.18

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AMA Style

Jialiang Zhang, Matthew Grimes. Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. Int J Econ Finance Manag Sci. 2023;11(3):145-150. doi: 10.11648/j.ijefm.20231103.18

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@article{10.11648/j.ijefm.20231103.18,
  author = {Jialiang Zhang and Matthew Grimes},
  title = {Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {11},
  number = {3},
  pages = {145-150},
  doi = {10.11648/j.ijefm.20231103.18},
  url = {https://doi.org/10.11648/j.ijefm.20231103.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20231103.18},
  abstract = {Russia and Europe have very close economic relations. In 2020, Russia was the fifth largest trading partner of the EU, with the EU's trade with Russia accounting for 4.8% of its total foreign trade. Following the outbreak of the Russia-Ukraine conflict, political and economic relations between Europe and Russia have deteriorated significantly, and both economies have suffered as a result. International energy prices have risen sharply due to the uncertainty surrounding global energy supply, trade and transport. Here, using Nord Stream as an analytical example, we looked in depth at the Russian-Ukrainian conflict in the energy sector and the prospects for the development of the energy sector in the aftermath of the conflict, as well as the potential implications for other countries, such as Western Europe and the United States. We concluded that the Russian-European game reflects the power differential resulting from their unequal and compounded interdependence structure, which has been affected to some extent by the outbreak of the Russia-Ukraine conflict. As the implementation of alternatives between Russia and Europe accelerates, the interdependence between the two will tend to decline in the future. However, the Russian-Ukrainian conflict will hardly fundamentally change the mutual benefits of the Russian-European gas relationship, which will remain competitive and uncertain due to the security crisis, differences in energy security concepts between the two sides and interference from the US.},
 year = {2023}
}

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TY  - JOUR
T1  - Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War
AU  - Jialiang Zhang
AU  - Matthew Grimes
Y1  - 2023/05/29
PY  - 2023
N1  - https://doi.org/10.11648/j.ijefm.20231103.18
DO  - 10.11648/j.ijefm.20231103.18
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 145
EP  - 150
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20231103.18
AB  - Russia and Europe have very close economic relations. In 2020, Russia was the fifth largest trading partner of the EU, with the EU's trade with Russia accounting for 4.8% of its total foreign trade. Following the outbreak of the Russia-Ukraine conflict, political and economic relations between Europe and Russia have deteriorated significantly, and both economies have suffered as a result. International energy prices have risen sharply due to the uncertainty surrounding global energy supply, trade and transport. Here, using Nord Stream as an analytical example, we looked in depth at the Russian-Ukrainian conflict in the energy sector and the prospects for the development of the energy sector in the aftermath of the conflict, as well as the potential implications for other countries, such as Western Europe and the United States. We concluded that the Russian-European game reflects the power differential resulting from their unequal and compounded interdependence structure, which has been affected to some extent by the outbreak of the Russia-Ukraine conflict. As the implementation of alternatives between Russia and Europe accelerates, the interdependence between the two will tend to decline in the future. However, the Russian-Ukrainian conflict will hardly fundamentally change the mutual benefits of the Russian-European gas relationship, which will remain competitive and uncertain due to the security crisis, differences in energy security concepts between the two sides and interference from the US.
VL  - 11
IS  - 3
ER  -

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Author Information

Jialiang Zhang

Cambridge Centre for the Integration of Science, Technology and Culture, University of Cambridge, Cambridge, UK
Matthew Grimes

Cambridge Centre for the Integration of Science, Technology and Culture, University of Cambridge, Cambridge, UK

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Plain Text BibTeX RIS

APA Style

Jialiang Zhang, Matthew Grimes. (2023). Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. International Journal of Economics, Finance and Management Sciences, 11(3), 145-150. https://doi.org/10.11648/j.ijefm.20231103.18

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ACS Style

Jialiang Zhang; Matthew Grimes. Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. Int. J. Econ. Finance Manag. Sci. 2023, 11(3), 145-150. doi: 10.11648/j.ijefm.20231103.18

Copy | Download

AMA Style

Jialiang Zhang, Matthew Grimes. Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War. Int J Econ Finance Manag Sci. 2023;11(3):145-150. doi: 10.11648/j.ijefm.20231103.18

Copy | Download

@article{10.11648/j.ijefm.20231103.18,
  author = {Jialiang Zhang and Matthew Grimes},
  title = {Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {11},
  number = {3},
  pages = {145-150},
  doi = {10.11648/j.ijefm.20231103.18},
  url = {https://doi.org/10.11648/j.ijefm.20231103.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20231103.18},
  abstract = {Russia and Europe have very close economic relations. In 2020, Russia was the fifth largest trading partner of the EU, with the EU's trade with Russia accounting for 4.8% of its total foreign trade. Following the outbreak of the Russia-Ukraine conflict, political and economic relations between Europe and Russia have deteriorated significantly, and both economies have suffered as a result. International energy prices have risen sharply due to the uncertainty surrounding global energy supply, trade and transport. Here, using Nord Stream as an analytical example, we looked in depth at the Russian-Ukrainian conflict in the energy sector and the prospects for the development of the energy sector in the aftermath of the conflict, as well as the potential implications for other countries, such as Western Europe and the United States. We concluded that the Russian-European game reflects the power differential resulting from their unequal and compounded interdependence structure, which has been affected to some extent by the outbreak of the Russia-Ukraine conflict. As the implementation of alternatives between Russia and Europe accelerates, the interdependence between the two will tend to decline in the future. However, the Russian-Ukrainian conflict will hardly fundamentally change the mutual benefits of the Russian-European gas relationship, which will remain competitive and uncertain due to the security crisis, differences in energy security concepts between the two sides and interference from the US.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Europe and Russia's Energy Problems in the Context of the Russian-Ukrainian War
AU  - Jialiang Zhang
AU  - Matthew Grimes
Y1  - 2023/05/29
PY  - 2023
N1  - https://doi.org/10.11648/j.ijefm.20231103.18
DO  - 10.11648/j.ijefm.20231103.18
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 145
EP  - 150
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20231103.18
AB  - Russia and Europe have very close economic relations. In 2020, Russia was the fifth largest trading partner of the EU, with the EU's trade with Russia accounting for 4.8% of its total foreign trade. Following the outbreak of the Russia-Ukraine conflict, political and economic relations between Europe and Russia have deteriorated significantly, and both economies have suffered as a result. International energy prices have risen sharply due to the uncertainty surrounding global energy supply, trade and transport. Here, using Nord Stream as an analytical example, we looked in depth at the Russian-Ukrainian conflict in the energy sector and the prospects for the development of the energy sector in the aftermath of the conflict, as well as the potential implications for other countries, such as Western Europe and the United States. We concluded that the Russian-European game reflects the power differential resulting from their unequal and compounded interdependence structure, which has been affected to some extent by the outbreak of the Russia-Ukraine conflict. As the implementation of alternatives between Russia and Europe accelerates, the interdependence between the two will tend to decline in the future. However, the Russian-Ukrainian conflict will hardly fundamentally change the mutual benefits of the Russian-European gas relationship, which will remain competitive and uncertain due to the security crisis, differences in energy security concepts between the two sides and interference from the US.
VL  - 11
IS  - 3
ER  -

Copy | Download