Russia’s moves in Ukraine unsettle energy companies and prices

Russia’s recognition of two breakaway regions in eastern Ukraine could threaten important investments of Western oil giants and further drive up global energy prices in the next few weeks.

Since the closing days of the Cold War, Russia’s energy-based economy has become entwined with Europe’s. European energy companies like BP, TotalEnergies and Shell have major operations and investments in Russia. Although expansion of those holdings was largely halted after Russia’s 2014 annexation of Crimea, they remain important profit centres and could now be at risk.