The impact of the trade and financial services sanctions on the Russian economy, discussed in the previous two parts of the series, brings us to the one sector that sums up the overall economic development of the country through the war to date: the energy markets. In 2021, EU member states imported 155 billion cubic meters of gas from Russia, roughly 45 per cent of European gas imports, around 108 million tonnes of crude petroleum, and 91 million tonnes of petroleum products. In 2022, the EU significantly cut imports of Russian energy in all its forms, roughly eliminating imports of…

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