The Oil war between Russia vs USA and Europe Explained | How will it change India? A year of war and energy and climate crises. #Russia #Ukraine #energy #Europe

"Beyond Ukraine, this war has also triggered a serious energy crisis in Europe due to Russia's weaponization of energy. Vladimir Putin obviously thought that EU's heavy dependence on imports of Russian fossil energy, and in particular gas, would allow him to divide the EU, preventing it from supporting Ukraine actively. This is why, as early as 2021, he began to restrict Russian gas deliveries to the EU despite the existing long-term contracts between Russian suppliers and European customers. He then aggravated this blackmail policy after 24 February. 

This policy did indeed trigger a major crisis on European energy markets, with gas prices exceeding 300 Euro/MWh last August on the Dutch TTF spot market, compared to around 20 Euro/MWh in 2020. Due to the difficulties of French nuclear power plants and the climate change-related limited hydroelectricity production, it also led to a severe crisis on the EU electricity market, raising fears of blackouts this winter. These combined crises caused a sharp rise in energy prices for households and businesses, creating serious economic and social problems in the EU. This has led in particular to fears that the deindustrialisation process of the EU is accelerating." Read more.