Economic environment of the arctic natural gas supplies to Europe, "The Ukrainian crisis"

The current economic conjuncture of Russian gas supplies to the European market has been analyzed. It has been shown that it develops in a complex of two strategic factors: the first is the dominant role of Europe for Russian exports, the second - the European Union's policy on diversification of routes including the reduction of supplies from Russia. The objective impact of the recent "Ukrainian crisis" has influenced on the supply and has reduced reliability of the transit gas-transport complex. It has been noted that even in such circumstances the Russian natural gas exports to the European market in the coming five years may increase. Therefore, the transit system requires innovative solutions aimed at the reconstruction of pipeline systems and significant development of the production and transportation of liquefied natural gas