Western Sanctions Against Russia's Energy Sector and Russia's Response
Journal: Institute for Russian and Altaic Studies Chungbuk University
Year: 2023

Energy industry sanctions, which form the core of economic sanctions against Russia, began in earnest after Russia annexed Crimea in 2014. Following the outbreak of war in Ukraine in February 2022, the US and EU significantly strengthened sanctions on the energy industry, which is the backbone of Russia's economy and accounts for more than 50% of its exports. Russia is not only Europe's No. 1 supplier of energy resources, but also occupies a very important position in world energy trade, account