The Ukraine crisis caused relations between Russia and the EU to fall to their lowest point since the Cold War. But despite the bickering and outright conflicts, both still need each other: Europe relies on Russian gas to keep warm, and Russia in turn needs revenues. With winter on its way and capital flight from Russia reaching dangerous levels, the outlook should draw the EU and Russia back together.

Oil companies in Russia, the world's biggest producer which has budgeted for $100 crude, played down the oil price drop, saying it would not last and would not damage long term projects.

Bulgaria, Finland and Estonia could suffer major gas shortages if Russia cut off all its gas deliveries for six months, according to a report released Thursday by the European Commission.

Russian state gas giant OAO Gazprom said second-quarter profit rose 13% on higher sales and prices which offset provisions for non-payment by Ukraine’s Naftogaz.

OAO Gazprom said profit for the first half of the year fell by almost one-quarter as Ukraine's Naftogaz didn't pay for gas supplied by the Russian state-controlled gas group.

Gazprom has said it could shelve its Vladivostok liquefied natural gas project as the Russian state-controlled energy giant focuses on supplying more gas to China by pipeline.

Sanctions against the Russian Federation, more specifically in its energy section, seem to have been gradually nullified due to a counteraction by Moscow, which as of late made significant progress on several long-standing issues that have long-term effects on the global natural gas sector.

Gazprom and Argentina address potential of joint gas projects

Ukraine national natural gas company Naftogaz said on Friday it has signed an agreement with Norwegian energy company Statoil ASA to deliver gas to Ukraine.

Gazprom Neft continues independent studies of shale oil deposits