The Impact of the Russian-Ukrainian War on Oil Markets in European Countries and Possible Solutions

Mingyang Guo, Zipeng Zhang () and Xiayao Zhu
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Mingyang Guo: Tianjin University of Finance and Economics, School of Economics and Finance
Zipeng Zhang: Tianjin University of Finance and Economics, School of Economics and Finance
Xiayao Zhu: One Direction Academy

A chapter in Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), 2022, pp 296-304 from Springer

Abstract: Abstract The war between Russia and Ukraine broke out even before the world epidemic was over. Since the end of the Cold War, Ukraine has become a key focus of attention for Russia and other European countries, hence the war between Russia and Ukraine has never really stopped, from the trial in political preference to the dispute in market trade. Since February 24th, 2022, as the formal declaration of war against Ukraine from Russia, the war has been in full swing. With the rapidly changing situation between Russia and Ukraine, the international energy market has also made corresponding changes. This article analyzes the reasons for the trend in international oil and gas prices by comparing the changes in the past five years, and dissects how European countries will react to this situation by learning from historical experience. The paper demonstrates the definite relation between the process of wars and the surges and slumps of energy prices and the potential patterns in it. Through the observation and analysis of the energy market and the assessment of the measures applied by the developed countries in Europe, this paper aims to propose solutions such as phasing out coal-based energy and applying new energy to handle energy disputes so that other countries will be capable of minimizing their losses.

Keywords: Russia-Ukraine War; Energy; Markets; European Countries (search for similar items in EconPapers)
Date: 2022
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DOI: 10.2991/978-94-6463-052-7_34

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