Changes in the International Energy Environment and Russia’s Energy Security

Abstract

In the aftermath of the Russia-Ukraine war, the world is suffering from inflation due to a surge in energy prices. The West is accusing Russia of using energy as a means of oppression, as a powerhouse in the world's energy market. Russia, on the other hand, claims that the West has intentionally instigated the war to block its energy markets. Which claim is closer to the truth will be revealed later, but this war once again confirmed just how great the impact of energy on the global political economy. The importance of energy has been highlighted to such an extent that if security in the 20th century depended on military power, the 21st century depended on energy resources such as oil and gas. If the Russian economy is isolated from the world economy through Western economic sanctions, the role of the government in the national economy will expand, which will lead to state capitalism, which has the effect of delaying Russia's reform. In addition, if Europe reduces or stops imports of Russian energy, the US is concerned about the fact that China will take over the lower price of Russian energy. In 2020, Russia adopted a new constitution, making it possible for Putin to remain president until 2036. With Putin in power for a long time, not only can he continue to lead Russia's energy development, but he can also push ahead with the 'New Eastern Policy' more strongly. This means that relations with China will be further strengthened soon. Among them, energy cooperation between the two countries will play a large part. Ultimately, for global energy security, Europe's energy imports from Russia should not be viewed only as a negative aspect of Europe's excessive dependence on Russia for resources. Rather, détente will be realized between Russia and the West through energy cooperation from the point of view of interdependence that Russia also depends on profits through the European market and that Europe needs Russia to secure the stability of supply.