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

Faruk Balli, Md Iftekhar Chowdhury () and Mabruk Billiah ()
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Md Iftekhar Chowdhury: Independent Researcher
Mabruk Billiah: Prince Mohammad Fahd University

Economics Bulletin, 2025, vol. 45, issue 1, 118 - 129

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.

Keywords: Russia-Ukraine war; Energy markets; Time-varying model; Connectedness index (search for similar items in EconPapers)
JEL-codes: F4 G1 (search for similar items in EconPapers)
Date: 2025-03-30
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