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More than 40% of the European Union’s gas supply stems from Russia, oil supply plays an important role too, and Russia has become the third largest trading partner of the EU, with energy predominating. This dependency on energy fourniture will increase further in the next decades to come. Debates in the media and academia thus focus very much on the question of whether Russia, humiliated according to many during the 90s, “back” now as an “energy power,” uses or might use the “energy weapon” against the EU. And it goes without saying that the 2004 and 2007 EU-accession of former Soviet bloc states has increased sensitivity and shed light on their existing overdependence on Russian energy sources. Should the EU be alarmed and diversify away from Russia? Which are the common interests, where are the differences? This contribution assesses the current EU-Russia energy relationship.