Rigas Dinamo
"Russia's traditional domination of European energy supplies is slowly coming under threat. There's the advent of shale gas and rising volumes of liquefied gas; there are alternative sources of supply such as the Caspian; and there's the prospect of the Eastern Mediterranean turning into a spigot for southern and eastern Europe. Hungary, for one, has already talked up the prospect of using Israeli gas to substitute for reliance on Russia.

That explains why Russian firms such as Gazprom, Rosneft, and Novatek have been angling for a piece of the action in the Mediterranean. Russia's offered billions of dollars in bailouts to Cyprus in exchange for gas. Russian firms are lining up to bid on Lebanese gas concessions. And Gazprom scored a big victory earlier this year in securing the exclusive rights to export liquefied gas from Israel's Tamar field. Russia is keen to increase its share of the global LNG business.

Grabbing access to Mediterranean gas would be a way for Moscow to try and maintain its energy hold over Europe, akin to Russian purchases of gas-distribution assets throughout southern and eastern Europe."