Conclusion

Abstract

This book has sought to show the complex interrelations between the political and economic factors that impinge on the gas markets, taking EU-Russia gas relations as a case study. More generally, it has discussed the interaction between global developments in the transnational gas markets and region-specific features, which are characterized by both infrastructural and institutional interdependencies. These interdependencies have not been challenged by the development of transnational markets. On the contrary, the cyclical dynamic of hydrocarbon markets logically reinforces existing infrastructural links. Nevertheless, political developments in the region and the security perceptions stemming from them have led to the disruption of interdependencies. More particularly, Russia has reacted against the Europeanization of energy policies, the EU’s top-down approach to the gas markets, the exporting of this model to the FSU and the subsequent difficulties experienced by Russian exporters. In turn, securitization of Russia’s gas supplies, monopolized by Gazprom, spurred in the EU.