The group was forced in August to abandon plans to split the cost of the 1,200km Nord Stream 2 pipeline under the Baltic Sea with the project’s European partners Engie, OMV, Wintershall, Shell and Uniper.

Russia has enough reserves to remain Europe’s main gas provider for years to come, President Vladimir Putin said in December. “Gazprom is supplying more gas to Europe than Russia or the Soviet Union ever did,” he said. “We have enough gas for ourselves, even considering the growing requirements of the Russian economy, and for our counteragents, the buyers of our gas.”

Nord Stream 2 to play crucial role in EU’s energy security

It was noted that Gazprom’s gas supplies to the German market had reached a record of 49.8 billion cubic meters in 2016. The upward trend in gas demand continues in early 2017. In January, gas exports grew by 23.2 per cent versus the corresponding month of 2016. Between February 1 and February 15, gas deliveries added 37 per cent compared to the same period of last year.

European utilities will not reduce their investments in renewables if U.S. President Donald Trump lowers U.S. climate goals, encouraged by Chinese and EU political commitments to low carbon energy.

Now the human drama watch begins; will Putin cave in to the demands of the West to renounce his allies in exchange for the improved relation and the dropping of sanctions?

The European Union, although reliant on Russian oil and gas, says it will never recognize Moscow's 2014 annexation of Ukraine's Crimea peninsula and expects the Kremlin to abide by the Minsk peace deal brokered for eastern Ukraine.

Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.

Gazprom’s gas exports to Europe hit an all-time high for the gas industry in 2016, totaling 179.3 billion cubic meters. Compared to 2015, it is an increase of 12.5 per cent, or 19.9 billion cubic meters in absolute terms, which is commensurate with the volumes we delivered to the U.K. last year, namely 17.8 billion cubic meters.

The company has already made contractual changes that remove restrictions on reselling gas and that require Gazprom to forgo any advantage gained from making gas supplies conditional on acceptance of gas pipelines. These changes came about because of pressure from the commission and increased competition on the European energy market.