For one thing, as a critical lynchpin for the European continent's energy security, conflict in Russia and Ukraine will have far-reaching consequences for the average resident in the European Union.
Already, the attacks have caused oil prices to soar above $100. a barrel for the first time in nearly a decade, and have also sent renewable energy stocks surging.
Since well before the Russian invasion of Ukraine, Europeans have been struggling under the weight of runaway energy bills.
In the United Kingdom, the government raised the price cap for energy bills by a whopping 54%. And while the individual stories of financial strife, stress, and sacrifice are heartbreaking, the impact on local businesses and industries is nothing short of frightening.
"European governments have spent tens of billions of euros trying to shield consumers from record high energy prices, and themselves from voters' wrath, but the measures look set to fall short," Reuters reported.
As the West imposes sanctions on Russia in light of this week's Ukrainian invasions, world leaders have been hesitant to hit Russia where it can hurt them the most - energy exports.
That's on the line if energy sanctions are placed on Russian exports at the same time that energy supplies are already devastatingly tight.
https://oilprice.com/Energy/Crude-Oil/Big-Oil-Is-Turning-Its-Back-On-Russia.html
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