Russia doesn't want a 'gas war'
Russia's ambassador to the European Union, Vladimir Chizhov, has excluded the possibility of a "gas war" between Russia and the West. "Those are horror stories that have their origin in political fantasy," the diplomat told the Russian news agency Interfax on Wednesday. Chizhov emphasized that Russia is and will remain a reliable partner and energy supplier.
It's clearly in Russia's interest to preserve the energy status quo: According to the German research and consultancy firm Energy Comment, in 2012 natural gas sales earned Russia an estimated 68 billion dollars (50 billion euros), while oil sales brought in 290 billion dollars (211 billion euros). That means that natural gas contributes around 5 percent to the Russian national budget, while the profits from the export of oil make up around half of Russian government revenue. So what would hit Moscow hard financially wouldn't be a "gas war." It would be a freeze on Russian oil exports. Still, for the time being, Russian fossil fuels will remain an important pillar in the EU's energy supply.