To say that Vladimir Putin threw a wrench into the global energy market this year is an understatement. Since Russia’s invasion of Ukraine in February, Putin’s favorite tool to erode support for the country has been energy. Russian energy companies have limited flows of natural gas to Europe, one of Russia’s largest energy customers, sending prices rising and countries scrambling to identify replacements before winter sets in.
Meanwhile, Russian oil and gas revenues have soared, as countries worldwide have been willing to pay a premium for higher volumes of Russian oil and gas. Putin has been threatening Europe with this kind of energy blackmail for years, but 2022 was when it became explicit.
