Five Charts Explaining the Global Impact of Sanctions on Russian Energy Exports

Global energy prices have soared over the last two weeks as events unfolded at the Russia-Ukraine border. One major development has been the economic sanctions imposed on Russia and, just this week, the U.S. announced a ban on U.S. imports of Russian oil, natural gas, and coal. Here are five charts highlighting the significance of Russia in global energy markets.

Russia is one of the largest global producers of both oil and gas. Significant sanctions against Russia’s energy industry would have wide-reaching implications for both global oil and gas markets.

Even before the invasion of Ukraine, Europe’s gas inventory was well below levels seen since 2021, and Russian imports have historically been a key source of supply to replenish storage.

Highlighting the challenges of European energy sanctions, Russian gas flows into Western Europe via Ukraine and Belarus are up 23% since the invasion of Ukraine.

European gas prices signal high demand for liquified natural gas (LNG), but U.S. LNG exports are already at capacity.

Sanctions on U.S. imports of Russian crude and petroleum products impact less than 10% of U.S. imports.

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