The Yukos dispute is perhaps simply the beginning of an evolving
EU/Russia energy relationship, with the past relationship defined
by mutual dependency; Russia needed to sell gas and oil to the EU,
and the EU required Russian fossil fuels to power its economy.
Russia's heavy dependence on high prices for fossil fuel exports
maintains its current economic and political system, and it cannot
easily withstand any diminishment in leverage over customers.
However, leverage is not the only defining aspect of this
relationship: for legal and value-based decisions, Europe could
limit future opportunities to find negotiated solutions, turning
what might have been minor issues in the past to enduring major
obstacles in the future.
Article written by Lucie Roux, Research Associate at the
Research Centre for Energy Management, from the
Conference dated of 15th February 2013 at ESCP Europe Business
School London. Guest speakers: Dr Maxi Scherer
- Special Counsellor at Wilmer Hale and Senior Lecturer at Queen
Mary and Prof Alan Riley - City Law School, City
University London, and Associate Research Fellow, Centre for
European Policy Studies, Brussels. Moderator: Dr
David Chekroun, Professor of Energy Law at ESCP Europe