Energy policy of Russia

The Energy policy of Russia is contained in an Energy Strategy document, which sets out policy for the period up to 2020. In 2000 the Russian government approved the main provisions of the Russian energy strategy to 2020, and in 2003 the new Russian energy strategy was confirmed by the government. The Energy Strategy document outlines several main priorities: an increase in energy efficiency, reducing impact on the environment, sustainable development, energy development and technological development, as well as improved effectiveness and competitiveness.

On July 2008 Russia's president signed a law allowing the government to allocate strategic oil and gas deposits on the continental shelf without an auction procedure. On 17 February 2011, Russia signed a deal with China, stating that in return for $25 billion in Chinese loans to Russian oil companies, Russia will supply China with large quantities of crude oil via new pipelines for the next 20 years.

As of 2014, oil and gas comprise over 60% of Russia's exports and make up over 30% of the country's gross domestic product (GDP). Russia energy policy of pumping 10.6 million barrels of oil a day is nearly 4 billion barrels annually. Russia proven oil reserves are 100 billion barrels. Russia’s available hydrocarbon potential will be able to provide the nation’s growing economy for 30 years. Russia's energy policy and a finite, depleting amount of oil and pumping more oil at a low oil price, creates issues for Russia's economy today and in the future.

The Russian economy is heavily dependent on the export of natural resources such as oil and natural gas, and Russia has used these resources to its political advantage. Meanwhile, the US and other Western countries have worked to lessen the dependency of Europe on Russia and its resources. Starting in the mid-2000s, Russia and Ukraine had several disputes in which Russia threatened to cut off the supply of gas. As a great deal of Russia's gas is exported to Europe through the pipelines crossing Ukraine, those disputes affected several other European countries. Under Putin, special efforts were made to gain control over the European energy sector. Russian influence played a major role in canceling the construction of the Nabucco pipeline, which would have supplied natural gas from Azerbaijan, in favor of South Stream (though South Stream itself was also later canceled). Russia has also sought to create a Eurasian Economic Union consisting of itself and other post-Soviet countries.

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