What is the place of oil in the EU-Russia relations?

Abstract

This research studies the relations between the European Union and Russia on one of the key issues of world nowadays – oil. In a modern world oil has become not only an important energy source, but also an inevitable political and economic engine. The dissertation focuses on different aspects of relations between the two powers. After the end of the Cold War, the relations between the EU and Russia were given a new start. These relations have passed through a series of different stages. The study tries to present an in-depth review of the major events which happened during this time. It observes a transition from Soviet threat to friendly economic and social ties. Economic relations between the EU and Russia are based on many aspects, and energy plays a huge role in their strengthening. Oil is one of the most important energy sources nowadays, so oil relations are beneficial for both. The EU buys oil from Russia, and Russia acquires a huge piece of cake from its sales. Russia is one of the most important energy partners of the EU, while the EU is one of the key traders of Russia. This dissertation produced several research outcomes through an extensive study of relevant literature and further analysis. The research produced a number of key findings, which includes many different aspects of relation between the EU and Russia. These relations include a variety of important agreements which has benefited both powers. It is important to say that the EU needs Russian cooperation as much as Russia needs the EU’s. Though there are several problems in relations, strong ties between Russia and the EU are becoming much stronger with each year. The future of EU-Russia relations seems optimistic; however there is a strong need for implementation of new laws for proper functioning of international world order. A lot has to be done, but one needs to keep in mind that all the work that has already been done in this direction is very great. There is an ongoing exchange of cultural values, academic and political experiences.