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.
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…