Russia's evolving ‘energy ideology’ and its approach to defining its role in the global energy markets with the particular focus on the interests in and intentions for Asia have drawn considerable attention. Russia's claim for the role of ‘global energy security provider’, advanced with much aplomb in the context of the G8 chairmanship, is, however, undermined by the stagnation in the oil and gas production and increasing shortages of electricity. Given Russia's increasing unreliability as the key supplier, its claim for the status of ‘energy superpower’ has shrivelled like a punctured balloon. The article, in particular, analyses the developments, problems and prospects in the three key sectors—oil, gas and nuclear energy—and argues that Russia's ‘energy ideology’ remains raw and inconsistent and has only helped contribute to the global ‘energy insecurity’.
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