section_path: Background/Aggravating circumstances/2021–2023 global energy crisis and sanctions on Russia
section_name: 2021–2023 global energy crisis and sanctions on Russia
paragraph_text: 2021–2023 global energy crisis and sanctions on Russia
  
  The 2021–2023 global energy shortage is the most recent in a series of cyclical energy shortages experienced over the last fifty years. The Russian military buildup outside Ukraine and subsequent invasion have also threatened the energy supply from Russia to Europe, while increasing the cost of oil causing European countries to diversify their source of energy import.The economic fallout from the 2021–2023 global energy crisis and the 2022 Russian invasion of Ukraine has had an impact on oil prices worldwide, most notably the unprecedented measures taken on the SWIFT System and Tit-for-Tat Responses to comprehensive sanctions from other countries. Preceding an official announcement regarding import bans on 8 March 2022, there were reports of proposed bans regarding Russian oil and gas imports by the US and the EU.
  
  This was in addition to the already existing actions taken by American companies on multiple Russian entities with ties to the Russian government, with Russia's trading status also being called into question on security grounds. Prior to the ban having been implemented, the value of the Russian ruble had dropped by record levels as the price of oil hit a 14-year high. The talks about whether or not to implement an International Energy Embargo were already reported to have been impacting the Russian oil market due to pre-existing fears by investors by 10 March, there were reports stating that Russia's debt rating was downgraded by Fitch from "B" to "C", indicating a potential default was imminent. This ultimately came to pass after 27 June with the 2022 Russian debt default.