ABSTRACT
The Russian Federation is the primary energy supplier for the European Union (EU). Russia is known to have the largest natural gas reserves and seventh largest crude oil reserves in the world. The EU as a whole is the world's largest energy importer; importing approximately 55% of its energy supply – nearly 84% of its oil and 64% of its natural gas. P. Kratochvil and L. Tichy opine that 'the energy interdependence between Russia and the EU is to some extent asymmetrical in favor of the EU as Russia is more dependent on the EU energy market than the EU is on the Russian energy supplies'. Security of energy supply is at the top of the agendas of most EU states and the EU, which makes it an international security issue. Security of supply is also 'a cornerstone of European energy policy' being one of its three main objectives.
