Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

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The Impact of the Russian-Ukrainian War on Oil Markets in European Countries and Possible Solutions

Authors
Mingyang Guo1, Zipeng Zhang1, *, Xiayao Zhu2
1School of Economics and Finance, Tianjin University of Finance and Economics, Tianjin, 300000, China
2One Direction Academy, Toronto, ON, M3C1V9, Canada
*Corresponding author. Email: zz00014@mix.wvu.edu
Corresponding Author
Zipeng Zhang
Available Online 27 December 2022.
DOI
10.2991/978-94-6463-052-7_34How to use a DOI?
Keywords
Russia-Ukraine War; Energy; Markets; European Countries
Abstract

The war between Russia and Ukraine broke out even before the world epidemic was over. Since the end of the Cold War, Ukraine has become a key focus of attention for Russia and other European countries, hence the war between Russia and Ukraine has never really stopped, from the trial in political preference to the dispute in market trade. Since February 24th, 2022, as the formal declaration of war against Ukraine from Russia, the war has been in full swing. With the rapidly changing situation between Russia and Ukraine, the international energy market has also made corresponding changes. This article analyzes the reasons for the trend in international oil and gas prices by comparing the changes in the past five years, and dissects how European countries will react to this situation by learning from historical experience. The paper demonstrates the definite relation between the process of wars and the surges and slumps of energy prices and the potential patterns in it. Through the observation and analysis of the energy market and the assessment of the measures applied by the developed countries in Europe, this paper aims to propose solutions such as phasing out coal-based energy and applying new energy to handle energy disputes so that other countries will be capable of minimizing their losses.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
978-94-6463-052-7
ISSN
2352-5428
DOI
10.2991/978-94-6463-052-7_34How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Mingyang Guo
AU  - Zipeng Zhang
AU  - Xiayao Zhu
PY  - 2022
DA  - 2022/12/27
TI  - The Impact of the Russian-Ukrainian War on Oil Markets in European Countries and Possible Solutions
BT  - Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
PB  - Atlantis Press
SP  - 296
EP  - 304
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-052-7_34
DO  - 10.2991/978-94-6463-052-7_34
ID  - Guo2022
ER  -