Assessing the winners and losers from high energy prices

Oil, gas and coal prices have reached multi-year highs in recent weeks and this Update takes a look at some of the implications for the region. In short, an improvement in Russia’s terms of trade has boosted its external position, the public finances and the ruble, while trade balances elsewhere have deteriorated. Energy inflation looks set to remain high and industrial sectors will become more at risk of power outages.