Russia’s war on Ukraine: Lookback at how the invasion upended the world’s energy market

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The shocking invasion of Ukraine two years ago triggered a global energy crisis, which eventually led to new prioritisation around energy security. 

But with that came a deeper commitment worldwide to cut ties with Russia, and its gas, and wean the world off fossil fuels altogether. 

Here’s a snapshot of what happened – along with a lookback at the key events that reshaped the gas market. 

  • Ukraine invaded by Russia on 24 February.  
  • Puts historical reliance of Europe on Russia for pipeline gas into crisis – especially for Germany, Europe’s top gas consumer, for whom Russian imports also symbolise postwar reconciliation.  
  • As Western governments, including EU, impose sanctions on Russia, the drive to wean Europe from Russian gas begins.  
  • LNG seen as a key solutions, several countries seeks FSRUs and swiftly develop new LNG import facilities.  
  • This includes Germany, which for a long time resisted becoming an LNG importer.  
  • Moscow’s demand for its pipeline gas supplies to be paid in rubles leads Moscow to cease supplies to several countries that refused to do so in spring 2022.  
  • In the meantime, majors – including Shell – exit gas projects in Russia.  
  • Nord Stream sabotage in September is the final nail in the coffin for Russian exports to Europe (though some volumes still flow westwards through – ironically – Ukraine).  
  • Germany imports first LNG by end-2022. 


24/2/22 EU, G7 set to implement ‘massive’ sanctions against Russia, no mention of energy sector 

25/2/22 IE WEEK: Supply security in the spotlight as Europe frets about Russian gas supply 

25/2/22 ANALYSIS: Europe rethinks Russian gas dependency after Ukraine invasion 

28/2/22 BP, Equinor to exit Russia after decades as pressure mounts on IOCs 

28/2/22 Russians consider potential impact of sanctions on gas – but energy sector still spared 

28/2/22 German government pledges to speed up development of two LNG terminals 

1/3/22 Shell plans full withdrawal from Russia and NS2 amid Ukraine invasion 

1/3/22 TotalEnergies ends financing for new projects in Russia, stops short of country exit 

1/3/22 UK bans all Russian-linked vessels from nation’s ports, Yamal cargo diverts 

2/3/22 More energy companies review ties with Russia as war in Ukraine intensifies 

2/3/22 ExxonMobil joins IOC exodus from Russia as it quits Far East Sakhalin-1 project 

3/3/22 IEA lines up plan to slash European imports of Russian gas by a third 

4/3/22 Ukraine halts exports of own gas, transit of Russian gas stable 

7/3/22 Germany moves closer to first LNG terminal after Berlin takes stake in Brunsbüttel project 

7/3/22 OMV becomes latest IOC to retreat from Russia, expects up to USD 1.8 billion hit 

7/3/22 Russia’s invasion of Ukraine prompts Italian banks to freeze Arctic LNG 2 loan 

8/3/22 EC presents ambitious plan to end reliance on Russian gas imports 

9/3/22 EU extends sanctions on Russia, Belarus but no mention of energy 

11/3/22 Gas spared from Russia’s latest export ban, difficulties emerging in oil exports 

15/3/22 EU targets Russia’s energy sector as part of fresh sanctions package 

22/3/22 UK government to nationalise Gazprom retail arm as customers terminate contracts – reports 

22/3/22 Supply of Linde tech for Ust-Luga LNG project unclear after company suspends activity in Russia 

23/3/22 Italy outlines plan to install two additional FSRUs by 2023 

23/3/22 TotalEnergies ceases funding for Arctic LNG 2, halts Russian oil purchases 

24/3/22 European firms hunt for FSRUs in bid to wean continent off Russian gas 

24/3/22 Japan's Tohoku Electric bans Russian LNG in spot tender – reports 

24/3/22 European firms reject Putin’s RUB payment request, BDEW warns of worsening supply situation 

25/3/22 Shelved Spain-France Midcat pipeline up for review as EU seeks more LNG 

25/3/22 US pledges to ramp up LNG supply to Europe, questions linger over cargo availability 

28/3/22 France becomes latest European nation to pitch FSRU plan – reports 

29/3/22 All eyes on Moscow as G7 rejects gas payments in rubles 

30/3/22 Germany triggers 'early warning' level under EU SOS regulation, urges consumers to cut gas use 

31/3/22 Europe holds its breath as Putin signs decree demanding gas payments in rubles 

1/4/22 EU considers options as Russia presses on with demands for gas payments in rubles 

4/4/22 Baltic states first in EU to announce halt of Russian gas imports 

5/4/22 German state orders regulator to take control of Gazprom assets 

7/4/22 Hungary at odds with the EU as it prepares to pay for Russian gas in rubles 

11/4/22 Europe turns to North Africa in bid to replace Russian gas volumes 

26/4/22 Poland announces sanctions against Gazprom, Russia halts gas flows 

27/4/22 Russia fires warning shot at EU after cutting gas supplies to Poland and Bulgaria 

28/4/22 European firms bow to Putin’s ruble payment request amid ambiguous EC guidance 

29/4/22 Europe's LNG terminals hit highest utilisation rates since 2012 amid record imports 

4/5/22 EU’s sixth sanctions package to phase out Russian oil, Putin signs new decree 

5/5/22 Germany’s race for first LNG imports heats up as RWE and Uniper secure FSRUs 

12/5/22 Shell kicks off Russia exit with sale of retail and lubricants businesses 

20/5/22 Finland secures FSRU from Excelerate, Gazprom to halt supplies 

20/5/22 Novak confirms half of Gazprom’s customers open ruble accounts as payment deadlines loom 

26/5/22 Equinor completes full withdrawal from Russia, targets NCS gas developments 

31/5/22 Gazprom cuts off supplies to GasTerra, Shell and Orsted face cuts on Wednesday 

1/6/22 UK considers costly operation to re-open Rough storage facility to address energy security 

1/6/22 Snam seals second FSRU from Golar for Italian market 

15/6/22 Gazprom cuts gas flows to Italy, set to reduce NS1 capacity further on Thursday 

15/6/22 Europe’s gas supply woes intensify as Gazprom drastically reduces NS1 capacity 

21/6/22 EU nations trigger 'early warning' mechanism amid curbed NS1 flows 

1/7/22 Shell, Japanese firms facing forced Sakhalin 2 exit after Putin moves to nationalise project 

13/7/22 Eesti Gaas ‘secures’ Estonia’s winter gas supplies through Equinor LNG deal 

15/7/22 Deutsche ReGas joins race to import Germany’s first LNG after securing FSRU 

18/7/22 EU looks to double gas imports from Azerbaijan to help replace Russian volumes 

4/8/22 Kremlin advances plans to create new Russian entity to control Sakhalin-2 LNG 

30/8/22 European gas squeeze intensifies as Gazprom halts supplies to Engie 

5/9/22 Kremlin refuses to return NS1 flows in full until Western sanctions are lifted – reports 

13/9/22 Russia ships first cargo from Portovaya LNG plant amid NS1 closure 

16/9/22 German regulator takes control of Rosneft subsidiaries 

27/9/22 European leaders, Kremlin claim sabotage cannot be ruled out as reason behind Nord Stream leaks 

29/9/22 Sweden confirms fourth Nord Stream leak, EU mulls eighth sanctions package against Russia 

3/10/22 Gazprom claims three Nord Stream leaks stopped, targets NS2 flows to Europe 

7/10/22 Germany rules out any chance of Nord Stream 2 flows to Europe 

10/10/22 Putin pens decree to seize control of Sakhalin-1 from ExxonMobil 

18/10/22 Nord Stream pipelines sustained extensive damage due to ‘powerful explosions’ – Danish Police 

18/10/22 Exxon confirms Russia exit after ‘unilateral termination’ of Sakhalin-1 operatorship 

20/10/22 Technip to fully exit Novatek-led Arctic LNG 2 project next year 

31/10/22 UK hits back at Russia for accusations of terrorism on Nord Stream pipelines 

23/11/22 Moldova accuses Gazprom of blackmailing after Moscow threatens to cut gas flows 

15/11/22 Germany nationalises gas company formerly owned by Gazprom 

18/11/22 Sweden doubles down on Nord Stream sabotage claim after traces of explosives found 

8/12/22 Germany’s EnBW enters into 25-year capacity agreement at planned Stade terminal 

9/12/22 TotalEnergies walks away from Novatek stake, writes off another USD 3.7 billion 

15/12/22 Future of Nord Stream pipelines gets bleaker as Canada reimposes sanctions 

21/12/22 Arrival of Finnish FSRU to bolster security of gas supply in the Baltics and Poland 


3/3/22 Russia’s war against Ukraine alters Europe’s energy landscape for good 

11/3/22 EU bet on LNG to offset potential Russian gas supply cuts deemed ‘unrealistic’ 

17/3/22 No easy task: Italy turns to LNG as it pursues gas independence from Russia 

30/3/22 Germany triggers 'early warning' level under EU SOS regulation, urges consumers to cut gas use 

14/4/22 At a crux: As Europe rushes to reduce its Russian gas reliance, what can LNG do? 

27/4/22 At long last: The wait for Germany’s maiden LNG terminal could soon be over 

25/5/22 Supply concerns, sky-high prices lift outlook for liquefaction FIDs: GIIGNL 

30/5/22 Early bird gets the worm: Europe scrambles for FSRUs in wake of Ukraine invasion 

7/6/22 Russia’s pivot east: Can gas supply to China compensate for lost European volumes? 

13/6/22 Norway weighs up options for supporting Europe’s shift from Russian pipeline gas 

19/7/2 Back in the cold: As sanctions bite, where next for Russia’s LNG ambitions? 

21/7/22 The storage game: Europe scrambles to fill up gas stocks ahead of winter 

5/8/22 Most exposed: Italy braces for difficult winter in bid to shed Russian gas reliance 

4/10/22 Ukraine crisis boosts Europe’s renewables drive, but cost challenges loom 

28/10/22 The bridge has collapsed: Germany counts its losses as Russian gas supplies halt 

30/11/22 Europe seeks to boost indigenous gas production – but is it too little, too late? 

16/12/22 Lessons from war: DTEK maps out Ukraine’s post-conflict energy transition 

23/12/22 EU condemns Moscow’s war in Ukraine, but Russian LNG cargoes still find a market 

13/1/23 ‘For some countries, Russia seems too far away to ever affect them’: Klaipedos Nafta 

2/3/23 Pipe dream: Italy doubles down on LNG, gas hub hopes create stranded assets risk 

17/4/23 ‘Europe’s big regasification bet has muddied the waters’: Global Energy Monitor (GEM) 

- KT, PS


Contact the editor:

Penny Sukhraj
[email protected]

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