Diversification of transit risks of Russia as a basis for economic and energy security in European countries

The paper examines the dependence of energy security against the European Union (EU) and Russia, where the main threats are the insufficient diversification of supplies, the difficulties in gas transportation and the high transit tariffs. It covers the threats of location of the gas transportation system in Ukraine, through the territory of which a significant volume of gas purchases to the EU countries is delivered. The ways of diversifying transit risks have been identified through the Yamal-Europe, Blue Stream, and Nord Stream gas pipelines, as well as by the implementation of the Nord Stream 2 gas pipeline. This will allow diversifying the EU transit risks and supplying gas to Austria through the territory of Germany, the Czech Republic and Slovakia. In turn could be determined by political and economic instability. In the methodological part of the paper, an analysis of gas consumption in the countries of Central and Eastern Europe was made, which showed fairly stable consumption with a slight decrease in demand. © 2018 International Strategic Management Association. All Rights Reserved.