Gazprom’s Energy Game Under the Conditions of Sanctions

Abstract

During the Putin era, the Russian Federation has conducted its energy policy with remarkable effectiveness in relation to both Europe and the post-Soviet region. The primary tool for implementing this policy was the state-owned corporation Gazprom, responsible for the transmission of natural gas in both directions. In the European market, Gazprom’s position gradually strengthened with the construction of new export pipelines – Nord Stream 1 and Nord Stream 2. By the end of the second decade of the 21st century, it appeared that the Russian gas giant was and would remain an undisputed player in the EU gas market, significantly influencing the energy situation in Europe.

The energy crisis triggered by Gazprom in the winter of 2021/2022 – along with anti-Russian sanctions following the outbreak of large-scale war with Ukraine in February 2022 – shortly led to significant changes in energy markets. The new geopolitical conditions forced EU countries to gradually phase out Russian natural gas, while Gazprom was compelled to seek new export routes for its energy resources. This article provides an analysis of Gazprom’s energy policy, with particular emphasis on the period following the outbreak of the large-scale Russian-Ukrainian war in 2022.