Russian energy sector - prospects and implications for European energy supply

Abstract

Russia is a globally important oil and gas producer.Russian energy is especially important to the import-dependent EU countries.Recently, Russia has expressed its interest in expanding its export markets outside Europe and has raised gas prices for several European countries.Not surprisingly, energy ranks high in both Russia's economic and foreign policy.EU dependency on Russia appears to be growing due to rising energy imports, and energy is likely to occupy a central role in the EU-Russia dialogue in the foreseeable future.