Two years on: How Russia’s invasion of Ukraine reshaped the UK’s energy landscape

Two years ago, on 24 February 2022, Russia launched a large-scale invasion of Ukraine. As well as causing widespread devastation and displacement, resulting in a humanitarian crisis, the ensuing conflict also had a wide range of consequences for the energy sector such as causing a structural change in European gas imports and impacting the energy cost for consumers across the UK and European Union (EU).

Prior to Russia’s invasion, the EU and its member states relied heavily on Russian pipeline gas. Although the UK did not source a large amount of its gas from Russian pipeline, it is heavily dependent on gas imports from elsewhere.

Consequently, as geopolitical tensions heightened and Russian pipeline supplies to Europe were heavily reduced, increased European gas prices fed through to UK energy bills, fuelling inflation and contributing to subsequent interest rate rises.