It is in a position to capitalise the ever-increasing instability in the Middle East and the consequent dramatic rise in the oil price.
The interests of Russian energy sector and the foreign policy goals of the Russian states are not only interrelated but also closely intertwined. To a great extent, the energy sector in Russia acts as the global carriers of Russian state's immensely self assertive foreign policy. On the other hand, the international expansion of Russia's premier energy enterprises is enormously assisted by the potentials of the Russian state. Oil companies such as Gazprom and LUKoil have strengthened their markets word wide and secured sensitive energy ventures. Their influence goes cut through the strategically important places in Europe. Even the United States has come to rely much upon the Russian energy resources. Moreover, Europe's energy security is considerably depended up on the energy resources of Russia. Hill (2004) makes it clear that "on the surface, given prevailing concerns about energy security and increasing demand in the rising economies of Asia on Russia's eastern borders, Russia's future prospects in energy seem extremely promising" ( Hill, 2004, p.29). ...Show more