The Russian invasion of Ukraine has riled the energy markets of Europe and created opportunities for Israel’s energy sector that contain both risks and rewards. These opportunities include: 1) the prospect of more natural gas exploration and new LNG export projects in the Eastern Mediterranean to meet Europe’s growing demand for non-Russian gas; 2) the revival of the EAPC-UAE deal to move cheaper oil from the Gulf States to Europe through Israel; and 3) more Israeli solar and clean tech export deals to the Gulf States to help release oil and gas for export.