Russian Energy Policy Looks Increasingly Eastward: Changing an Export Vector or Diversifying of Supply?

The emergence of new trends in the global gas market and, as a consequence the displacement of the center of gravity towards the Asia-Pacific region, today's major energy consumer in the world, had a significant impact on Russia's export policy review. The gradual «decline» of the European gas market, recently demonstrating a constant decrease in gas consumption, as well as unreasonable politicization of the question concerning European gas pipeline «South Stream» construction in the context of the ongoing Ukrainian crisis further strengthened the tendency to Russia's redirection to the Eastern energy market. A vigorous activity of state-owned energy companies as Gazprom and Rosneft in Eastern Siberia and Far East, including gas pipelines «Altai» and «Power of Siberia» designed for Russian natural gas supply to China demonstrate Russia to overcome the historical «Eurocentrism» in national oil and gas sector. This paper discusses the role and the place of Russia in the European gas market, as well as the perspectives of the Russian energy resources in the Chinese energy market.

Russia, export vector, European gas market, China, diversification of supplies, Eastern energy market