Jeronim Perović, Fuel and Power: Energy, Trade, and Russian Foreign Relations from Lenin to Putin Cambridge University Press, June 2024

What the paper says

The unprovoked attack by Russia on Ukraine in February 2022, and its far-reaching consequences for both security and energy security, has once again highlighted the complex relationship between fuel and power.Nowhere has this relationship been more visible than in the context of EU-Russia relations, a dynamic that has attracted much political and academic attention.For decades, Baltic and Eastern European states warned their Western partners of the risks of becoming dependent on energy supplies from Russia.Despite these warnings, the promise of ostensibly reliable and inexpensive energy supplies proved too tempting, leading to high reliance on Russian energy imports for many EU Member States, such as Germany.This dependence ended in crisis when, in July 2022, Russia cut off natural gas supplies through the Nord Stream pipeline, citing maintenance work and, in particular, delays in the return of a turbine as the causes.With the war in Ukraine raging and energy prices in the EU reaching record levels, Russia was willing to wield not only conventional weapons against Europe, but also the 'energy weapon' . 1 The origins of this situation stretch far back in time, and fears of the 'energy weapon' are not new in the EU-Russia context.Jeronim Perovi's Fuel and Power offers an engaging and informative account of how the energy industry in Russia had evolved into what it was until 2022.From an historical perspective, the contours of Russian energy ambitions over the past two decades become clearer, and arguably, such strong European dependence should not have been built up.While drawing parallels between historical episodes is fraught with uncertainty due to many changing variables, some general inferences can and should be made.Thus, this volume is timely and relevant.Chronologically, the book begins in Tsarist Russia in the early 1900s and moves through the Soviet era to the present day, weaving a compelling narrative that traces the development of the oil, gas, and coal industries.Although oil remains at the centre of the Russian energy system, the book provides a comprehensive overview of the entire energy complex, including coal and natural gas.While not at the centre of the book, there are also some illuminating excursions on the role of electricity, for example Lenin's view of electrification as a "fifth element" and his early plans to electrify the entire country in the 1920s.Many of historical insights resonate with developments in recent years.The Russian strategy of achieving maximum power with minimal concessions, visible in its modern energy politics, is shown to have deep historical roots.In terms of foreign investment, this approach can already be seen in the Soviet Union's short-lived oil concessions of the 1920s, when early foreign investors were swiftly 1 K.