Аннотация: Since the end of February 2022, Western nations have been discussing the gradual phase-out of Russian Federation energy supplies as another anti-Russian penalty. At the same time, Moscow makes tens of billions of dollars each year through oil and gas exports, which provide fuel to countries all over the world. One of the most serious questions now is whether other nations will be able to gradually diminish their reliance on Russian energy supplies, if not altogether forsake them.
Since March 2022, worldwide oil output has decreased by 3 million barrels per day, accounting for about 3% of global production and representing one of the greatest drops in supply since the 1970s. Russia controls over 20% of the global energy market. Thus, the OECD nations, China, and Belarus are the top oil users.
Economic sanctions imposed on Russia have a substantial influence on the global economy. The negative implications impacted nations that launched the limitations, among others.