LONDON — The term "energy security" in Europe has been hijacked to empower suppliers and weaken importers, implying a drastic reduction in competition, rising political vulnerability and the erosion of the rule of law.
The fact that Russian President Vladimir Putin's successor, Dmitry Medvedev, is chairman of Gazprom leaves little doubt about the Kremlin's determination to maintain an iron grip on the energy sector. But the asymmetry in European Union-Russian energy relations must end. Concerns in the EU over energy security, fueled by increasing dependence on Russia, have never been greater.
Together with the Russian authorities' expropriation of oil company Yukos, foreigners have been squeezed out of Russia's energy extraction sector. Inevitably, many in Europe are questioning the value of the Kremlin's word.