Russian tanks head towards Kyiv at the start of the invasion of Ukraine in 2022
Post-Soviet Russian oil and gas part 2: Sanctions and isolation
In the second of our two-part 90th anniversary issue series on Russian oil and gas, we look at how energy trade with Europe brought Russia in from the cold, and how adventurism in Ukraine sent it right back out again
Western sanctions imposed against Russia in 2014 in response to Moscow’s annexation of Crimea created some challenges for the Russian oil industry but no serious roadblocks to deal-making and development. However, it did coincide with a collapse in oil prices and subsequently in the ruble, which caused far greater problems. Some Russian oil companies struggled to pay off foreign-denominated debts while getting much less for their oil abroad. But these difficulties were not insurmountable. As oil prices recovered in the following years, aided by Russia for the first time coordinating output policy with OPEC+, the sector gained back its strength. The real prize lay in connecting Siberia’
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