The aim of this article is to explore this dynamic interdependent relationship between Russia and Europe in the field of energy. Based on the concept of interdependence and perspectives on the political aspects of trade relations we discuss how Russia can exercise power based on its energy resources and how the EU can compensate for its lack of power in the energy game with other trade related capabilities. In particular we explore the implications of the lack of a full-fledged EU foreign energy policy towards Russia, with the somewhat counter-intuitive conclusion that the EU countries, on average, not necessarily are better off with a common foreign energy policy. (C) 2013 Elsevier Ltd. All rights reserved.