Energy
The ongoing crisis in Iran, which has halted energy supplies and LNG production in Qatar, threatens rising electricity prices in Europe. This will weaken the competitiveness of industry, says the CEO of Statkraft.
India and China are increasing their interest in Russian oil due to concerns about supplies from the Middle East. Prices for Russian Urals oil remain stable despite growing demand.
Ukrainian President Volodymyr Zelenskyy and Naftogaz CEO Serhiy Koretskyy stated that restoring the Druzhba oil pipeline to its previous form makes no sense. The reason is the damage to the main pumping station in Brody and the unwillingness to transport Russian oil.
For over three weeks, Ukrainian F-16 fighter jets did not have enough missiles to shoot down Russian drones and missiles due to depleted supplies from partners. This occurred precisely as Moscow was preparing for a large-scale winter air campaign.
The International Atomic Energy Agency (IAEA) has adopted a resolution recognizing the nuclear risks from Russian strikes on Ukraine's energy system. Ukrainian Foreign Minister Andriy Sybiha stated that these actions by Russia constitute nuclear terrorism.
Iran has significantly expanded the scale of military strikes in the region, using missiles and drones against a number of states. The attacks affected 11 countries, including Israel, UAE, Qatar, Bahrain, Kuwait, Saudi Arabia, Jordan, Iraq, Syria, Azerbaijan, and Turkey.
The 2026 sowing campaign in Ukraine will become more expensive due to rising fuel prices, fertilizer shortages, personnel deficits, and energy supply problems. This will affect the cost of the future harvest and the financial condition of farmers.
The European Union will appeal to international partners for additional funding for Ukraine to cover a €30 billion deficit. Hungary is blocking a €90 billion EU aid package due to a dispute over oil supplies.
Due to shelling and hostilities, parts of Zaporizhzhia, Dnipropetrovsk, and Kharkiv regions are temporarily without electricity. Energy workers are working on restoration, and hourly blackouts are in effect in most regions.
Slovak Prime Minister Robert Fico is ready to meet with Zelenskyy after talks with Ursula von der Leyen. He demands that Ukraine allow inspection and resume transit of Russian oil.
In the Kyiv region, in the first 5 days of March, A-95 gasoline rose in price by almost 5 hryvnias. Prices for other types of fuel also increased, except for A-98 and A-80.
Iran struck Kurdish groups in Iraq, claiming the US was arming Iranian Kurdish guerrillas. This occurred amid the spread of war in the Middle East, which has engulfed the entire region.
President Zelenskyy expressed concern about a possible reduction in air defense and missile supplies to Ukraine from the United States in the event of a prolonged war in the Middle East. He also noted that Iran can no longer transfer weapons to Russia, but the Russian Federation produces missiles and drones under Iranian licenses.
The cost of insuring ships passing through the Strait of Hormuz has increased 12-fold, reaching 3% of the vessel's value. US President Donald Trump has pledged support for trade through the key oil route.
China has imposed an urgent ban on diesel and gasoline exports due to the escalating conflict between the US, Israel, and Iran. This decision could lead to a shortage of petroleum products in the Asia-Pacific region.
Australia has officially joined the G7 Critical Minerals Alliance. This partnership aims to create a reliable supply chain for lithium, uranium, and iron ore, bypassing China.
The auction for drilling rights in Alaska's Cook Inlet, initiated by the Trump administration, ended without result. No company submitted bids for the development of oil and gas fields.
A massive blackout occurred in Cuba due to the failure of the largest thermal power plant, leaving Havana and most of the country without electricity. Restoration could take up to 72 hours due to an outdated grid and a shortage of spare parts.
US regulators have approved the construction of a commercial nuclear reactor in Wyoming, backed by Bill Gates. Construction of the $4 billion facility will begin soon, with launch scheduled for 2030.
The cost of chartering a supertanker to transport oil from the US to China has reached a record $29 million. This is due to the escalation of the conflict between the US, Israel, and Iran, which has halted shipping through the Strait of Hormuz.
Germany has handed over the first 13 vehicles to Ukrzaliznytsia for the rapid restoration of damaged infrastructure after Russian shelling. This aid is part of a larger support package, which includes 18 vehicles, 32 generators, and 18 units of special equipment.
The Antimonopoly Committee of Ukraine has launched inspections of gas stations due to a significant increase in fuel prices in early March 2026. The Committee is analyzing the provided information to identify possible violations of economic competition protection legislation.
The Cabinet of Ministers has established a Coordination Center for the implementation of Ukraine's Regional Resilience Plans. It will be headed by Prime Minister Yulia Svyrydenko, and its members include representatives of ministries, the Verkhovna Rada, and the Office of the President.
Vladimir Putin has instructed the government to consider the possibility of immediately stopping gas supplies to Europe. This is due to the EU's plans to limit the import of Russian gas.
The Cabinet of Ministers approved a draft law on the corporatization of SE "SkhidGZK", which will be transformed into a joint-stock company with 100% state ownership. This strategic enterprise provides up to 40% of the uranium needs for Ukrainian nuclear power plants.
In Ukraine, on March 5, from 8:00 AM, power limitation and hourly outage schedules will be in effect. The reason is the consequences of Russian attacks on the energy system.
Ukrainian President Volodymyr Zelenskyy announced Ukraine's readiness to help stabilize the situation in the Middle East. He instructed the Minister of Foreign Affairs and other agencies to develop options for support without compromising Ukraine's defense.
Qatar has declared force majeure on gas exports due to the US-Israeli war against Iran. Restoring normal production volumes could take at least a month, leading to shortages in global markets.
A complete power outage has occurred in all provinces of Iraq. The causes of the large-scale failure have not been officially named.
Russian dictator Vladimir Putin will release two Hungarian citizens, mobilized into the Armed Forces of Ukraine, from captivity. Transcarpathian Hungarians will leave Russia with Szijjártó.