The liberalisation of the European gas market and its consequences for Russia

14 p.Recep policy paperRussia is the world's biggest natural gas producer, with output of 581 bn m3 in 2001, and is also a key supplier of the European gas market (around 30% of current EU gas imports). Therefore gas exports rank with oil exports as an essential variable of Russian economic policy, and any institutional evolution of its gas export markets is crucial for Russia's economy as well as its gas industry. Liberalisation of the European gas market will have major consequences for main suppliers, and therefore for Russia