Above all, this has been reflected in the price of gas in Europe which has risen on average to about € per megawatt-hour since last September, with peaks of around € compared with just over € per megawatt-hour in the months preceding the pandemic (Figure 1). The increase was much smaller in the United States, rising from almost $ to around $ per megawatt-hour.
Although Russia only accounts for 2 per cent of world trade, it is one of the main exporters of oil and gas, fertilizers, and, along with Ukraine itself, cereals. According to market quotations, the prices of these products are likely to remain very high in 2022, going down only slightly over the next two years.