European gas hubs stand to benefit from crisis in Ukraine

Escalating tensions between Russia and the West over Ukraine have taken energy market participants by surprise. With the potential for tougher sanctions, industry observers believe one outcome could be an acceleration of Europe's shift away from oil indexation. By Robin Lancaster

The weekend of February 22–23 saw dramatic scenes in Kiev, as protesters stormed Ukraine's parliament building and opposition politicians voted to oust the country's unpopular pro-Russian president, Viktor Yanukovych.

The tumult, which effectively overturned a compromise agreement aimed at halting the unrest, has triggered a series of developments that will prove crucial to the country's future. Those developments – including Russia's annexation of Crimea and the imposition of targeted sanctions