Explanations of Russia’s foreign energy policy typically focus on major events, such as the gas conflicts with Ukraine, and argue that these events represent simplistic patterns of behavior, reflecting the policy-makers’ emphasis on politics, commercial gain, corruption, or ad hoc opportunism. This analysis goes beyond these explanations to argue that the Russian leadership pursues a rational set of political and economic goals in its foreign energy policy, but that it is constrained in its efforts by the set of tools available to it. To understand the resulting patterns of behavior, it is necessary to devote more analytical attention to Russia’s foreign policy tools and their limits. The article draws on a new dataset of Russia’s policy to...