Russia’s coercive annexation of Crimea in 2014 ignited a conflict with Ukraine, marking a key change in regional stability. While many see this act as Russia trying to take more land, others argue that Russia’s actions are driven by worries about NATO’s expansion to the eastward and assumed dangers to its national security. The conflict between Ukraine and Russian-backed separatists rapidly escalated into a full-blown war in the eastern regions of Donetsk and Luhansk. On February 24, 2022, Russia launched a large-scale attack on Ukraine under the pretext of national security. This conflict has significantly disrupted global energy markets and created economic challenges for energy-importing countries. The economic sanctions enforced by Western countries impeded the Russian crude oil supply, creating a ripple effect in global energy markets. The ongoing crisis between Russia and Ukraine has financial implications for countries worldwide.[1]
