Russian energy policy is currently at an important watershed. on the one hand, Moscow is emerging as an alternative nonopec supplier of energy. on the other hand, however, there is notable concern that the russia energy strategy is coming closer to the 'energy capitalism model', where foreign energy companies are welcome to invest, but only on the Government’s terms and in partnership with a state-controlled national energy company. this paper discusses the main pillars of the russian energy policy: government control over the export energy infrastructure, major energy assets, decision- making process and use of energy as an instrument of ‘comparative advantage’ in global politics. these pillars fifit into a coherent, Kremlin-shaped energy strategy presently determining the russian foreign policy identity and affecting the global energy security framework.