Asian economies facing the shock waves of the Russian-Ukrainian war [Gas in Transition]

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Summary

Asia’s largest economies all buy Russian gas, and many countries in the region are significant net energy importers, creating direct and indirect risks. [Gas in Transition, Volume 2, Issue 3]

by: Shi Weijun

The Russian-Ukrainian war has sent shockwaves through global commodity markets, putting emerging Asian economies with large oil and gas imports most at risk as they come under pressure from global commodity prices. considerably higher energy and volatility. Most Asia-Pacific countries have little direct exposure to Russia or Ukraine in terms of energy supply or investment, as the bulk of Russian gas exports remain in Europe, Germany , with Italy and Turkey being the main beneficiaries. Nevertheless, Asia’s largest economies – China, Japan, South Korea and India – all source some gas from Russia, while many countries in the region are major net energy importers. China is the most exposed to Russia, receiving some 12% of its total fuel imports from its northern neighbor. South Korea ranks next with 9%, while Japan, Singapore and Vietnam’s dependence on Russian energy falls between the middle and lower numbers. As the largest gas importers in Asia-Pacific, China, Japan, South Korea and India use an array of suppliers to supply…

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