Impact of Russia-Ukraine War on Petroleum and Natural Gas in Finland: Energy Security and Green Transition

Abstract

This report describes the impact of Russia-Ukraine war on petroleum and natural gas in Finland. Finland is heavily dependent on imports of energy from Russia, exposing it to potential supply disruptions, increased uncertainty, higher prices, and geopolitical risks. Energy security used to be about the supply and price of oil, but now it is about national security and the availability of natural resources for consumption. The dispute has highlighted the importance of diversifying energy supply and minimizing reliance on Russia. The Finnish government and EU have made initiatives to promote energy security by investing in renewable energy sources. Finland will continue to focus on increasing the use of renewable energy and reducing its dependence on fossil fuels, while diversifying its sources of energy. The completion of the OL3 nuclear power plant is a significant achievement for Finland's green transition.