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Regulatory instability and unpredictability are important concerns for energy investors in Russia – concerns that are exacerbated by the deteriorating economic situation, structural changes in global energy markets and increasing geopolitical tensions between Russia and the ‘West’. In these challenging times for energy investments, this article examines how Russia could benefit from the EU experience with the ‘stabilization’ of energy markets by looking at legal certainty and regulatory independence. A comparative analysis of regulatory stability in the EU and Russia highlights a common recognition of the importance of investment certainty for energy security. At the same time, this comparison brings forward shared difficulties to guarantee stability – in particular regarding the crucial issue of energy pricing – in a way that does not affect states' regulatory flexibility. Focusing on shared difficulties – rather than advocating EU law as ‘model’ – can help overcome the reduced ‘prestige’ of EU norms in Russia in the current geopolitical context.
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