321. Russian pipelines and EU energy security: Utilizing the externality elements of the EU’s regulatory framework
- Author:
- Michalis Mathioulakis
- Publication Date:
- 09-2020
- Content Type:
- Working Paper
- Institution:
- Hellenic Foundation for European and Foreign Policy (ELIAMEP)
- Abstract:
- Russia and the EU have been entangled in the harsh effects of asymmetrical interdependence and the security threats it generates. Russia’s economy is linked directly to the form and volume of trade directed from the EU towards the Russian economy, while the EU economy is linked to the flow of Russian gas and oil directed towards European businesses and households. Growing concerns on EU’s dependency on energy imports led the European Commission to release its Energy Security Strategy (2014), aiming to secure stability and abundancy of energy supply while simultaneously examining the effects of discrepancies from Russian gas imports to the European energy systems. In contrast, Russia’s primary concern is to secure the necessary energy revenues that could enable Moscow to project and exercise its hard power to areas with strategic interest by striving to gain greater leverage within the European energy markets. Russia’s security objectives in relation to its energy export capacity are expressed primarily through materialisation of two major natural gas pipeline systems, namely the Nord Stream 2 and the TurkStream pipelines. This paper by Michalis Mathioulakis, Research Associate of ELIAMEP; Energy Strategy Analyst and Academic Director of the Greek Energy Forum, examines the strive between the two international actors in redetermining their future relations and the role of Russian gas pipelines and the EU’s regulatory framework in shaping the two actors’ common future.
- Topic:
- Security, Energy Policy, European Union, and Regulation
- Political Geography:
- Russia, Europe, and Eurasia