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The issue of energy security in relations between Russia and the European Union

Abstract This article provides a comprehensive analysis of EU–Russia energy relations in the light of the concept of energy security. It gives a brief overview of various views on the concept of energy security. Further, the article compares developments in EU and Russian internal energy markets and their influence on the external energy policy of both actors. It concludes that predictability might be achieved only in a regulatory framework that aggregates the interests of all stakeholders and ensures a fair distribution of risks, obligations and revenues.