The fact that Russian President Vladimir Putin’s likely successor, Dmitry Medvedev, is Chairman of Gazprom leaves little doubt about the Kremlin’s determination to maintain an iron grip on the energy sector. But the asymmetry in EU-Russian energy relations must end.
The term “energy security” in Europe has been hijacked to empower suppliers and weaken importers, implying a drastic reduction in competition, rising political vulnerability, and the erosion of the rule of law. The fact that Russian President Vladimir Putin’s likely successor, Dmitry Medvedev, is Chairman of Gazprom leaves little doubt about the Kremlin’s determination to maintain an iron grip on the energy sector. But the asymmetry in European Union-Russian energy relations must end.
Concerns in the EU over energy security, fueled by increasing dependence on Russia, have never been greater. Together with the Russian authorities’ expropriation of oil company Yukos, foreigners have been squeezed out of Russia’s energy extraction sector. Inevitably, many in Europe are questioning the value of the Kremlin’s word.
Rather than turning away, the EU should seek deeper engagement and reciprocity. It should facilitate further incorporation of Gazprom into the EU market through market liberalization and downstream integration. Yet it must also press for Gazprom’s ultimate restructuring and real market entry into Russia for European companies, because Russia’s unwillingness to do so guarantees energy insecurity for Europe.
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After years in the political wilderness, the UK Labour Party is now far ahead in opinion polls, with sensible plans for improving the country's economic performance. But to translate promises into results, any future government will have to do something about the elephant in the room: chronic under-investment.
explains what it will take for any political party to restore hope in the country's long-term economic future.
For the US, Slovakia's general election may produce another unreliable allied government. But instead of turning a blind eye to such allies, as President Joe Biden has been doing with Poland, or confronting them with an uncompromising stance, the US should spearhead efforts to help mend flawed democracies.
reflect on the outcome of Slovakia's general election in the run-up to Poland's decisive vote.
The term “energy security” in Europe has been hijacked to empower suppliers and weaken importers, implying a drastic reduction in competition, rising political vulnerability, and the erosion of the rule of law. The fact that Russian President Vladimir Putin’s likely successor, Dmitry Medvedev, is Chairman of Gazprom leaves little doubt about the Kremlin’s determination to maintain an iron grip on the energy sector. But the asymmetry in European Union-Russian energy relations must end.
Concerns in the EU over energy security, fueled by increasing dependence on Russia, have never been greater. Together with the Russian authorities’ expropriation of oil company Yukos, foreigners have been squeezed out of Russia’s energy extraction sector. Inevitably, many in Europe are questioning the value of the Kremlin’s word.
Rather than turning away, the EU should seek deeper engagement and reciprocity. It should facilitate further incorporation of Gazprom into the EU market through market liberalization and downstream integration. Yet it must also press for Gazprom’s ultimate restructuring and real market entry into Russia for European companies, because Russia’s unwillingness to do so guarantees energy insecurity for Europe.
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