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Russia and the European Union have clearly entered a new stage in their energy relations, defined by a growing asymmetry between a strengthened national monopoly on the supply side and a gradual opening of markets in Europe. A multitude of new approaches to EU-Russia relations have been voiced recently: many of them involve “defensive” solutions, driven by lack of mutual trust on both sides. Competition is a key universal value in the development of a new and sustainable energy relationship. EU competition regulators should take the lead in setting up a new framework: its success will not only determine the security of energy supply for European consumers, but also that of the Russian and Eurasian energy markets.