<p>The Russian invasion of Ukraine in February 2022 has created shockwaves in global energy markets, with fossil fuel supply shortages, changing energy trade flows, and economic uncertainty. After an initial global energy crisis, much adjustment has happened, but serious risks remain. Both sides have further energy weapons they could deploy, from sabotage to sanctions.</p>

<p>What is the impact on Russian oil exports and the European natural gas markets a year into the conflict? Has the conflict driven or damaged the ongoing energy transition? And who are the winners and losers in the energy sector?</p>
