How the Ukraine Crisis is Redefining European, Russian and US Energy Relations

July 15, 2014

The continuing turmoil in Ukraine has once again heightened Europe’s concern over its energy security and rehashed memories of the gas disputes of January 2006 and 2009 when supplies to Europe were disrupted. Following these disputes, the 28 Member States (MSs) of the European Union (EU) have been working to develop a more coherent energy security of supply (SoS) strategy. The question of whether Europe is currently in a better position to head off a potential new gas supply crisis continues to be of concern to oil & gas players, utilities, financial institutions and other investors, and government agencies.

This article takes stock of the myriad of existing EU rules dealing with gas SoS issues and potential new approaches as put forward in the European Energy Security Strategy released by the European Commission (Commission) on 28 May 2014. It also considers the impact on the Russian and US gas markets.

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This article was also featured in Pratt's Energy Law Report (LexisNexis)