ISSN 2409-7616

Terekhov A.M., Nikolenko P.G., Lazutina A.L.


UDC 338.1

Terekhov A.M.1 (Nizhny Novgorod, Russian Federation) –; Nikolenko P.G.2 (Knyaginino, Russian Federation) –; Lazutina A.L.2 (Knyaginino, Russian Federation) –

1Volga Branch of the Russian State University of Justice

2Nizhny Novgorod State University of Engineering and Economics

Abstract. The relevance of the study is due to the importance of assessing and explaining the extent of economic instability in the energy markets of countries dependent on external energy supplies during periods of crisis. The article reveals the causes of the energy crisis of 2021-2022, examines the state of the energy markets of the studied countries. Anti-crisis measures aimed at reducing the negative consequences of the energy crisis for the population and business are disclosed and summarized. A group of countries united by geography (access to the Baltic Sea) representing the Baltic region was selected as the object of the study. These countries are also members of the European Union, and their economies depend on Russian energy supplies. The objectives of the study included an assessment of the state of the energy market of the studied group of countries during the development of the energy crisis of 2021-2022, an assessment of energy security, and an analysis of anti-crisis measures taken by countries. This involves the analysis of literary sources on the subject under study, as well as the analysis of statistical data. As a result of the conducted research, the dependence of the Baltic region countries on external energy supplies, including from Russia, was established (the largest in Estonia, Latvia; the smallest in Sweden). Finland and Sweden showed a high level of energy security; Germany, Lithuania and Poland showed a low level. The countries have taken anti-crisis measures, including business support, reduction of electricity tax / VAT, regulation of retail prices, transfers to vulnerable groups of the population, increase in tax rates on windfall profits. The anti-crisis policy implemented by the countries contributed to the stabilization of energy infrastructure and the growth of energy efficiency.

Keywords: energy crisis, military–political crisis, anti-crisis measures, energy security, Baltic region.


  1. Otsich Ch., Bukvich R. Financialization and modern economic crises. Bulletin of NGIEI, 2013, no. 3(22), pp. 3-17. (In Russian). URL:
  2. Zakeri B., Paulavets K., Barreto-Gomez L. et al. Pandemic, War, and Global Energy Transitions. Energies, 2022, vol. 15, iD. 6114. DOI: 10.3390/en15176114   
  3. Ross M.L. How the 1973 Oil Embargo Saved the Planet. Foreign Affairs, 2013, vol. 15, pp. 16.
  4. Trypolska G., Rosner A. The Use of Solar Energy by Households and Energy Cooperatives in Post-War Ukraine: Lessons Learned from Austria. Energies, 2022, vol. 15. DOI: 10.3390/en15207610
  5. Arshad S., Beyer R.C.M. Tracking economic fluctuations with electricity consumption in Bangladesh. Energy Economics, 2023, vol. 123, iD. 106740. DOI:  10.1016/j.eneco.2023.106740  
  6. Mensi W., Ur Rehman M., Vinh Vo X. Dynamic frequency relationships and volatility spillovers in natural gas, crude oil, gas oil, gasoline, and heating oil markets: Implications for portfolio management. Resources Policy, 2021, vol. 73, iD. 102172. DOI: 10.1016/j.resourpol.2021.102172  
  7. Bennacer R., Ma X. Effect of temperature and surfactants on evaporation and contact line dynamics of sessile drops. Heliyon, 2022, vol. 8(11), iD. e11716. DOI: 10.1016/j.heliyon.2022.e11716  
  8. Jaeck E., Lautier D. Volatility in electricity derivative markets: The Samuelson effect revisited. Energy Economics, 2016, vol. 59, pp. 300-313. DOI: 10.1016/j.eneco.2016.08.009  
  9. Kola-Bezka M. One size fits all? Prospects for developing a common strategy supporting European Union households in times of energy crisis. Energy Reports, 2023, vol. 10, pp. 319-332. DOI: 10.1016/j.egyr.2023.06.039  
  10. Kamal M.R., Ahmed S., Hasan M.M. The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia. Pacific-Basin Finance Journal, 2023, vol. 79, iD. 102036. DOI: 10.1016/j.pacfin.2023.102036   
  11. Funakoshi M., Lawson H., Deka K. Tracking sanctions against Russia. Reuters. 2022. URL:
  12. Vasiliev R.O., Kornilov D.A., Kornilova E.V. Analysis of political and economic factors influencing the price of oil. Bulletin of NGIEI, 2016, no. 11(66), pp. 31-39. (In Russian). URL:
  13. Kayani U.N., Hassan M.K., Moussa F. et al. Oil in crisis: What can we learn. The Journal of Economic Asymmetries, 2023, vol. 28, iD. e00339. DOI: 10.1016/j.jeca.2023.e00339  
  14. Bouzarovski S., Simcock N., Thomson H. et al. Introduction. Energy Poverty and Vulnerability: A Global Perspective. London, Routledge Publ., 2017. 282 p. DOI: 10.4324/9781315231518
  15. Zakeri B., Staffell I., Dodds P.E. et al. The role of natural gas in setting electricity prices in Europe. Energy Reports, 2023, vol. 10, pp. 2778-2792. DOI: 10.1016/j.egyr.2023.09.069  
  16. Liobikienė G., Liobikas J., Miceikienė A. How the attitudes and perception of war in Ukraine and environmental aspects have influenced selection of green electricity in Lithuania. Journal of Cleaner Production, 2024, vol. 434, iD. 140057. DOI: 10.1016/j.jclepro.2023.140057  
  17. Chodkowska-Miszczuk J., Kola-Bezka M., Lewandowska A. et al. Local communities’ energy literacy as a way to rural resilience – an insight from inner peripheries. Energies, 2021, vol. 14, iD. 2575. DOI: 10.3390/en14092575  
  18. Gritz A., Wolff G. Gas and energy security in Germany and central and Eastern Europe. Energy Policy, 2024, vol. 184, iD. 113885. DOI: 10.1016/j.enpol.2023.113885   
  19. Sivonen M.H., Kivimaa P. Politics in the energy-security nexus: an epistemic governance approach to the zero-carbon energy transition in Finland, Estonia, and Norway. Environmental Sociology, 2024, vol. 10(1), pp. 55-72. DOI: 10.1080/23251042.2023.2251873  
  20. Brodny J., Tutak M. Assessing the energy security of European Union countries from two perspectives – A new integrated approach based on MCDM methods. Applied Energy, 2023, vol. 347, iD. 121443. DOI: 10.1016/j.apenergy.2023.121443  
  21. Uribe J.M., Mosquera-López S., Arenas O.J. Assessing the relationship between electricity and natural gas prices in European markets in times of distress. Energy Policy, 2022, vol. 166, iD. 113018. 10.1016/j.enpol.2022.113018  
  22. Cappelli F., Carnazza G. The Multi-dimensional Oil Dependency Index (MODI) for the European Union. Resources Policy, 2023, vol. 82, iD. 103480. DOI: 10.1016/j.resourpol.2023.103480  
  23. Prokopowicz D. Energy crisis of 2022 in Poland as a result of the war in Ukraine and years of neglect in the development of renewable energy sources. International Journal of New Economics and Social Sciences, 2023, vol. 17(1), DOI: 10.13140/RG.2.2.33873.30568  
  24. Liobikienė G., Matiiuk Y., Krikštolaitis R. The concern about main crises such as the Covid-19 pandemic, the war in Ukraine, and climate change’s impact on energy-saving behavior. Energy Policy, 2023, vol. 180, iD. 113678. DOI: 10.1016/j.enpol.2023.113678

For citation: Terekhov A.M., Nikolenko P.G., Lazutina A.L. Energy market of the Baltic region countries: analytical review of the state and preparedness for the crisis of 2021-2022, anti-crisis measures. CITISE, 2024, no. 2, pp. 32-51.