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The Yukos dispute is perhaps simply the beginning of an evolving EU/Russia energy relationship, with the past relationship defined by mutual dependency; Russia needed to sell gas and oil to the EU, and the EU required Russian fossil fuels to power its economy. Russia's heavy dependence on high prices for fossil fuel exports maintains its current economic and political system, and it cannot easily withstand any diminishment in leverage over customers. However, leverage is not the only defining aspect of this relationship: for legal and value-based decisions, Europe could limit future opportunities to find negotiated solutions, turning what might have been minor issues in the past to enduring major obstacles in the future.
Article written by Lucie Roux, Research Associate at the Energy Management Centre, from the Conference dated of 15th February 2013 at ESCP Europe Business School London. Guest speakers: Dr Maxi Scherer - Special Counsellor at Wilmer Hale and Senior Lecturer at Queen Mary and Prof Alan Riley - City Law School, City University London, and Associate Research Fellow, Centre for European Policy Studies, Brussels. Moderator: Dr David Chekroun, Professor of Energy Law at ESCP Europe