The Russia-Ukraine Crisis And The Global Energy Transition

The Russia-Ukraine crisis has not only changed the geopolitical landscape, but also profoundly altered the global energy balance.
Since the escalation of the conflict between Russia and Ukraine, geopolitical risks have stimulated a sharp rise in international oil prices. Since February 21, 2022, when Russia recognized two breakaway regions in eastern Ukraine as independent entities until March 2, the price of Brent crude oil rose 17.6%., from $97.38 to $114.5; the price of Crude Oil WTI rose 20%, from $92.8 to $111.38. On March 2, the gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared to a record high to over 194 euro per megawatt-hour, equivalent to more than 2,000 euro per 1,000 cubic meters of gas.