The Russian military aggression against Ukraine launched almost two months ago has clearly signaled a change in the traditional world order and triggered the unprecedented reaction of the Western coalition led by the U.S. The ongoing conflict between Russia and Ukraine has left the global energy market uncertain, threatening to cause severe energy shortages and oil prices exceeding $110 per barrel.

Since the Russian intervention in Ukraine kicked off, numerous sanction packages have been imposed on Russia, hitting mostly financial institutes and state-owned companies. This resulted in Western countries’ consolidation, and the collective refusal of Russia-related transactions and import of Russian natural gas, oil, and coal.

Whereas the U.S. and UK-led Western coalition gathered to support Ukraine politically, economically, and military/technically, some EU countries are at loggerheads over demands for an immediate blockade on Russian oil imports, joining the international financial sanctions, and condemning Moscow’s actions locally.