International audienceThis article tries to shed light on why gas relations between the EU and Russia, which were previously stable, have deteriorated since the introduction of institutional changes in the two regions. After identifying the areas of divergence in the context of European gas market liberalization, we then attempt to examine them in the context of the differing approaches to structuring this sector. The model of vertically unbundled network industries promoted by the EU is no longer the one that Russia intends to implement in its gas sector, despite the big changes taking place in its domestic market. All this is happening in a context where the economic stakes are very high. For the EU and its gas companies, access to Russia's hydrocarbon resources is a key question. For Gazprom, the question is whether or not it can define strategies that are flexible enough to adapt to the changing conditions in the European gas market

Two recent trends have rekindled the debate concerning the place and strategy of Russia on the world oil scene. The first is the development of its oil production and the second is the gradual resumption of control of the country's oil policy by President Vladimir Putin's government. Will Russia be a key variable in world energy balances and could the nation, as some suggest and even desire, become an alternative supply to OPEC and/or challenge Saudi Arabia's position? If so, is that what Russia actually wants? In this study, we attempt to answer some of these important questions by assessing and comparing the capabilities of the producing countries, while studying Russia's aims and objectives for the petroleum sector in the future, when demand for energy supplies is forecast to rise considerably.

The changes on the European Union (EU) gas market are likely to affect Europe's relations with its natural gas suppliers who are facing increasing competition. Heading this list of producing countries is Russia. Gas relations between Russia and the EU are characterised by strong interdependence. But these relations are currently being hampered by serious lack of understanding, making it difficult for the two parties to reach agreement on a new energy partnership. The aim of this article is to analyse the effects of this new European gas context on Gazprom's strategy and how the issues of energy security and cooperation between Russia and the EU will be affected by this new order.