Energy Power as a Soft Weapon in Resurgent Russia's Foreign Policy Coursework

Energy Power as a Soft Weapon in Resurgent Russia's Foreign Policy - Coursework Example Russia has inherited much of the former Soviet Union’s hard power including a powerful nuclear arsenal and a sophisticated army. It is in a position to capitalize on the ever-increasing instability in the Middle East and the consequent dramatic rise in the oil price.The interests of the Russian energy sector and the foreign policy goals of the Russian states are not only interrelated but also closely intertwined. To a great extent, the energy sector in Russia acts as the global carriers of the Russian state’s immensely self-assertive foreign policy. On the other hand, the international expansion of Russia’s premier energy enterprises is enormously assisted by the potentials of the Russian state. Oil companies such as Gazprom and Lukoil have strengthened their markets word wide and secured sensitive energy ventures. Their influence goes cut through strategically important places in Europe. Even the United States has come to rely much upon Russian energy resources. Moreover, Europe’s energy security is considerably depended upon the energy resources of Russia. Hill (2004) makes it clear that â€Å"on the surface, given prevailing concerns about energy security and increasing demand in the rising economies of Asia on Russia’s eastern borders, Russia’s future prospects in energy seem extremely promising† ( Hill, 2004, p.29). Thanks to the increases in oil production since 1999, Russia is now the world’s major non-OPEC, and non-Middle East and the Persian Gulf, oil supplier. As Peter Davies, BP’s chief economist, pointed out in his June 2004 presentation of BP’s annual Statistical Review of World Energy, thanks to its fast growth in oil production, between 1998-2003, â€Å"Russia alone supplied 46 percent of world oil consumption growth †¦ and exceeded Chinese consumption growth by 23 percent†¦ Russia has the resource base and the potential to increase oil and gas production and exports further – to supply a significant proportion of the world’s rising demands ... Russia can – and will – supply an important part of the growing energy needs of Asia†.