Yong Kwon

Gazprom's close cooperation with the Russian government in the Ukraine crisis will have long-term consequences for the company's relations with potential and existing clients. Revealing how over-reliance on Gazprom may lead to subservience to Moscow's interests, the case of Ukraine will serve as a rallying call for diversification in both China and Europe.

Geography blessed Russia with energy-starved industrial economies to its east and west. However, after decades of favorable energy exports, the ground beneath Russian energy giants like Gazprom is shifting.

Ongoing instability in emerging markets will negatively impact Argentina's already weakened fiscal and financial positions. This will hinder the operations of its state-owned oil company, YPF. Despite optimism expressed by Chevron, the risks in investing in Argentina stand excessively high, especially when Buenos Aires remains exiled from the international credit market.

Russia has managed to hold on to Ukraine in its sphere of influence for now, but do Moscow’s foreign policy victories translate to gains for its energy companies?

Israel is entering the natural gas competition with major developments in the Eastern Mediterranean. While there are a few legal and diplomatic obstacles in the way, the political and economic benefits of Israel exporting natural gas will outweigh other considerations. At the end of the day, this is another nail in the coffin for Gazprom as Europe welcomes alternative sources of energy with open arms.

The European Summit in Vilnius is not only going to change the geopolitical landscape of Eastern Europe, it will also light warning signs for Gazprom as it sets Ukraine on a path towards energy independence from Russia. Kiev's newfound courage will be bolstered by efforts from ExxonMobil and Royal Dutch Shell to develop one of Europe's largest hydrocarbon reserves.

Challenges from Russia's own commercial courts and the European Commission are few of the issues that Gazprom will have to deal with.