Russia is a major supplier of Europe’s gas and nuclear fuel
Russian invasion of Ukraine fuels crisis in energy sector
Sanctions and spiking electricity and gas prices present new challenges for Europe’s utilities
The EU has proposed further restrictive measures on Russia following its invasion of Ukraine, which will affect the financial, transport and energy sectors. EU sanctions currently cover Russian banks Bank Rossiya, Promsvyazbank and VEB, all 351 members of the State Duma who voted in favour of military action and 27 further individuals and entities. For Europe’s utilities, sanctions and wider market volatility may mean a significant shift in procurement strategies for nuclear and gas-fired power plants. Finnish energy company Fortum has “long business ties and broad operations in Russia”, the company notes in a press statement. It says that, since energy production in Russia has not yet been
Also in this section
12 November 2024
Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
