Skip to content

Who wins and who loses the global energy war if Russia invades Ukraine?

People in this story

Peter Kovalev/TASS (Photo by Peter KovalevTASS via Getty Images)
An output filtration facility of a gas treatment unit at the Slavyanskaya compressor station (operated by Gazprom), the starting point of the Nord Stream 2 offshore natural gas pipeline.

The mere threat of a Russian invasion of Ukraine is roiling world energy markets. Oil and gas prices are marching upward, hitting levels not seen in years. President Joe Biden is bracing Americans for the ripple effect on their wallets when they fill up their gas tanks. “I will not pretend this will be painless,” Biden said at a White House briefing on Tuesday.

Energy-hungry Europeans, meanwhile, are already facing volatility in their natural-gas markets. They could feel the pain more acutely than others if Russian President Vladimir Putin decides to attack Ukraine, and the Biden administration in turn puts sanctions in place, including a delay in approving a new natural-gas pipeline between Russia and Germany. Preventing the pipeline from going into operation could damage the Russian economy, but also could have negative impacts on Europe. So who stands to lose if the Russian-owned pipeline, known as Nord Stream 2 and which lies under the Baltic Sea, remains idled?

Russia and Germany, primarily, but if Russia took further action to stop other flows into Europe, the effects could be “catastrophic,” says Northeastern’s Julie Garey, assistant teaching professor of political science who specializes in international relations.

Continue reading at News@Northeastern.

More Stories

A fireside chat with Lauren E. Jones, Secretary of Labor and Workforce Development, Commonwealth of Massachusetts, is held in the Interdisciplinary Science and Engineering Complex auditorium during the NSF Future of Work at the Human-Technology Frontier Principal Investigators Meeting hosted by Northeastern University on Thursday Aug. 31, 2023.

Where does good public policy begin? At Northeastern, and this graduate is making a difference as Massachusetts’ secretary of labor and workforce development

Cruise of Dubai Creek ends in the Persian or Arabian Gulf, the world’s hottest sea.

The clock is ticking. Can ‘scientific diplomacy’ save the world’s hottest sea?

A shopper walks past the Target store logo affixed to the Harlem location, one of 9 locations set to close announced by discount retailer, New York, NY, September 27, 2023.

Stores are locking up everyday goods. Is organized retail theft on the rise?

Northeastern Global News