Russia-Ukraine crisis could see gas supply ramifications for the

Russian forces on Thursday launched their long-feared attack on Ukraine, sending shockwaves through financial markets and ratcheting up fears about the ramifications for gas supplies around the world.

Russian President Vladimir Putin cast aside international condemnation and the first tranche of sanctions by declaring the beginning of a “special military operation” aimed at the “demilitarization” of Ukraine.

Russian forces have reportedly fired missiles at military control centers in Kyiv and sirens were heard throughout the capital city. NBC News reporters on the ground also saw and heard explosions in Kyiv and in other cities across the country. 

The crisis in Ukraine is rapidly developing and specific reports from the country are difficult to confirm.

Ukrainian Foreign Minister Dmytro Kuleba said via Twitter on Thursday that Putin had “launched a full-scale invasion,” of the country, which he described as “a war of aggression.” Kuleba called on world leaders to stop the Russian president. “The time to act is now,” he said.

European gas prices jumped on news of the invasion, while international benchmark Brent crude futures surpassed $100 a barrel for the first time since 2014.

“While Western governments probably will exempt energy transactions from sanctions, the blizzard of new restrictions will force many traders to be exceedingly cautious in handling Russian barrels,” analysts at political risk consultancy Eurasia Group said.

“Gas transiting Ukraine will likely be disrupted, affecting supplies to several central and eastern European countries, and raising gas prices in Europe,” they added.

The U.S., Canada, Britain, the European Union, Australia and Japan were among the countries to announce the first wave of sanctions against Russia earlier this week, targeting banks and wealthy individuals. A second barrage of measures is widely expected shortly.

Germany also halted a highly contentious gas pipeline project known as Nord Stream 2, prompting a broader rethink about the region’s deep dependency on Russian gas.

For several months, Russia has been accused of intentionally disrupting gas supplies to leverage its role as a major energy supplier to Europe amid an escalating dispute with Ukraine.

Indeed, this was even the subject of a rare public rebuke from the International Energy Agency, which called on…