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HomeEconomyRussia’s energy woes – GIS Reports

Russia’s energy woes – GIS Reports

Russia has long been foreseeing a shift toward Asia when it comes to exporting its fossil fuels, but it was by no means prepared to lose the European market.

Workers walk across the top of oil storage tanks at a pumping station near Nizhnevartovsk, Russia. While the Russian government expected to face increasing difficulties in exporting its hydrocarbon resources, even its worst-case scenarios did not foresee the magnitude of the shift about to take place. © Getty Images

In a nutshell

  • Russia will need a new energy strategy to cope with sanctions
  • It will turn to Asia to absorb the surplus of oil and gas supplies
  • However, it will face competition from other producers

The war in Ukraine has disrupted most – if not all – economic and energy market forecasts. In January, the International Monetary Fund (IMF) projected that the global recovery would strengthen from the second quarter of this year. The war, however, has “set back” the…

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