Russia’s invasion of Ukraine has sparked a global energy crisis

The world is in the midst of its first global energy crisis – a shock of unprecedented breadth and complexity. Pressures in markets predated Russia’s invasion of Ukraine, but Russia’s actions have turned a rapid economic recovery from the pandemic – which strained all manner of global supply chains, including energy – into full-blown energy turmoil. Russia has been by far the world’s largest exporter of fossil fuels, but its curtailments of natural gas supply to Europe and European sanctions on imports of oil and coal from Russia are severing one of the main arteries of global energy trade. All fuels are affected, but gas markets are the epicentre as Russia seeks leverage by exposing consumers to higher energy bills and supply shortages. 

(Executive summary – World Energy Outlook 2022 – Analysis - IEA)

 Star Economist Nouriel Roubini on the Global Crises "World War III Has Already Effectively Begun".

Global warming, war and inflation: The world seems to be in a perpetual state of crisis at the moment. In an interview, crash prophet Nouriel Roubini identifies 10 "megathreats" we are facing and how he is dealing with them.

Interview Conducted By Tim Bartz and David Böcking

Spiegel.com

Some historians and political analysts erroneously compare the current geopolitical crisis with the October missile crisis of 1962. The truth is that they are two different historical events, although both sides brought the October crisis to its limit through terror propaganda without reaching the point of war. Now we find ourselves in a real war and - even if it is not yet recognised - its name is World War III, with disastrous consequences, including extermination, irrational destruction of civilian and critical infrastructure and an inflationary process that is dragging us into an unpredictable economic trance...