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European Commission

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External dimension

Information

External dimension

RUSSIA

Russia and the European Union are natural partners in the energy sector. Russia has been a reliable supplier of energy into the European Union for many years, despite periods of internal difficulties. Likewise, the European Union continues to be the dominant market for Russian energy exports. This strong mutual interest and interdependence means that energy is an ideal sector in which relations can be progressed significantly – a kind of test case – for the further development of an EU-Russia strategic partnership. Success in the energy sector could then serve as a model for other areas of common interest.

The energy sector in Russia represents a major opportunity both for foreign investment and for export revenues. The need for new capital in the sector has been estimated at between €560 and €650 billion over the period to 2020.

The Energy Dialogue with Russia has rapidly become one of the key issues in bi-lateral EU-Russia relations and one in which the format of frank, open discussions have already permitted substantial progress to be made.

What are the objectives of the partnership?

The overall objective of the energy partnership is to enhance the energy security of the European continent by binding Russia and the EU into a closer relationship in which all issues of mutual concern in the energy sector can be addressed while, at the same time, ensuring that the policies of opening and integrating energy markets are pursued. With the strong mutual dependency and common interest in the energy sector, this is clearly a key area of EU-Russia relations.

Russia is already the largest single energy partner of the EU and is bound to become even more integrated in Europe’s energy equation. Russia has been a most reliable energy supplier, always respecting the dates, amounts and prices concluded even during periods of internal political turbulence or dramatic world market developments. In this respect, Russia deserves to play a role in the EU internal energy market subject, however, to conditions of reciprocity in market principles, mechanisms and opportunities, as well as equivalent environmental standards.

Both the EU and Russia recognise the importance of working together towards a strategic EU-Russia energy partnership, given the importance of ensuring adequate energy supplies and appropriate energy prices for economic development across the whole of the European continent, as well as the long-term nature of investments in energy production and transport.

The energy partnership aims to improve the investment opportunities in Russia’s energy sector in order to upgrade and expand the energy production and transportation infrastructure as well as improve their environmental impact, to encourage the ongoing opening up of energy markets, to facilitate the market penetration of more environmentally friendly technologies and energy resources, and to promote energy efficiency and energy savings.