This important report looks at the policies and strategies President Putin has developed in the field of energy and at the current climate for foreign investors in the sector. Russian energy policy is at an important watershed. A substantial increase in the  output of oil & gas, has led some analysts to view Russia as a reliable, alternative to global dependence on energy supplies from the Gulf. On the other hand, there are concerns that current Russian energy strategy comes closer to the Venezuelan æenergy state-capitalismÆ model where foreign energy companies are welcome to invest, but only on MoscowÆs terms and in partnership with a state-controlled national energy company. How are these strategies unfolding and what are the lessons for private sector investors?