The paper explores the dominant interpretations of the EU-Russian energy relations by identifying three dominant concepts around which these interpretations revolve: (1) integration, (2) liberalization, and (3) diversification. Building on a detailed discourse analysis of 97 textual units produced by EU leaders and institutions and 104 documents and speeches by Russian policy-makers, the paper argues that these three discourses differ widely in their assessment of the two partners' mutual ties, both in terms of the relationship's symmetry and the perceived benefits for each partner. The paper comes up with two basic arguments. First, in spite of the shared usage of the three basic notions by both sides, the interpretations of each of the discourses are widely different in the EU and in Russia, which causes continuous frictions and misunderstandings. Second and surprisingly, the discourse of integration is dominant both in the EU and Russia, which shows that the claims about the alleged securitization of EU-Russian energy relations are clearly exaggerated. (C) 2013 Elsevier Ltd. All rights reserved.