This article provides an overview of Russia’s energy policy in the past decade. The Russian administration, through the state-owned Gazprom, is using the country’s vast energy resources as a foreign-policy tool. The exportation of energy does not necessarily follow the economic interests of the country. The EU is dependent on imports of natural gas from Russia and Russia is dependent on its exportation to European markets. The way out of this mutual dependency lies in the EU’s willingness to diversify its energy sources, focus on increasing energy efficiency and develop renewables.