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date: 12 May 2021

Abstract and Keywords

This chapter assesses whether the concerns over regional energy security in Eastern Europe that have arisen since 2013 are caused by market failure, or by commercial gas trade falling victim to regional political tensions, with reference to the trilateral gas relationship between Russia, Ukraine, and the European Union (EU). In doing so, it highlights the political economy of the more competitive, flexible gas market in the EU and the traditional, non-competitive bilateral gas trade between Gazprom (Russia) and Naftogaz (Ukraine) in Eastern Europe, with the latter remaining open to political influence. The chapter concludes that the absence of market mechanisms led to energy security concerns that were later exacerbated by the crisis in political relations between Russia and Ukraine. It follows that the integration of Ukraine into the European gas market and reduction of Russian-Ukrainian bilateral over-dependence, will ease concerns over regional energy security in Eastern Europe.

Keywords: energy security, gas, Russia, Ukraine, European Union, political economy, Gazprom, Naftogaz

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