Ukraine moves Russian oil to Slovakia, Hungary and the Czech Republic. ![]() ![]() Oil markets could also be affected through curbs or disruption. SEB commodities analyst Bjarne Schieldrop said markets would expect natural gas exports from Russia to Western Europe to be significantly reduced through both Ukraine and Belarus in the event of sanctions and for gas prices to revisit Q4 levels. The pipeline is projected to increase gas imports to Europe but also underlines its energy dependence on Moscow. In 2020 volumes of gas from Russia to Europe fell after lockdowns suppressed demand and did not recover fully last year when consumption surged, helping to send prices to record highs.Īs part of possible sanctions should Russia invade Ukraine, Germany has said it could halt the new Nord Stream 2 gas pipeline from Russia. ![]() Europe relies on Russia for around 35% of its natural gas, mostly coming through pipelines which cross Belarus and Poland to Germany, Nord Stream 1 which goes directly to Germany, and others through Ukraine. Energy markets are likely to be hit if tensions turn into conflict.
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