The European Union would find it difficult to reduce its reliance on natural gas imports from Russia, according to industry experts.

New corridors along the Nord Stream natural gas pipeline through the Baltic Sea to European markets should be in service by 2019, Russia's Gazprom said.

States are attempting to get their hands on long-term gas supply contracts with the Russian natural gas exporter Gazprom and pave the way for a multi-commodity energy supplier business where they can influence end-user prices directly.

U.S. was keeping the European Union countries on a 'short leash' by forcing them to impose anti-Russia sanctions.

Russia could not provide Ukraine with the gas price discount it once had, days before new gas talks between Russia, Ukraine and the European Union.

‘Rosneft and BP signed final binding agreements for Rosneft’s sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas), creating a new joint venture in East Siberia. The document was signed by Rosneft Management Board Chairman Igor Sechin and President of BP Russia David Campbell’ BP said, reporting one of the most relevant deals. During the first day of the international conference, Gazprom agreed to build a new pipeline to Germany under the Baltic Sea with Germany’s E.ON, Anglo-Dutch Shell, and Austria’s OMV.

In Budapest, Mr. Šefčovič reported that, in the wake of the cancellation of South Stream last December, all parties in Europe have been paying attention to statements from Russia, as a gas supplier, and Europe's stance on infrastructure has been altered.

BP could be close to a $700 million deal with Russia’s Rosneft for a 20% stake in a Siberian oilfield, the company led by Igor Sechin further showed how national companies can cope with sanctions, maintaining ties with Western companies and progressively switching to Asian markets.

"Uncertainty is the rule of the game in this industry," the head of France's Total Patrick Pouyanne said this month. "We are in the long-term business. This is why at Total we are keen to maintain our commitment to Russia."

“Now we are facing a stagnant demand both for oil and gas globally. These two commodities are providing 70% of Russian export and 50% of Russian federal budget revenues, so you can imagine how painful that is.”