Gazprom dominated the Russian gas industry until recently. However, new players have taken over important segments of domestic gas supplies and are also demanding liberalization of exports. All the Russian companies have strategies to play a role in the liquefied natural gas business - the most dynamic segment of international gas trade. There is concern in Europe over dependence on Russian gas, with the EU adopting policies to reduce the vulnerability. Disputes over Gazprom’s role in the domestic sector, where it still enjoys monopoly privileges have become very vocal, but in the European markets the company has successfully adapted. However, if Russia is to develop as a global gas player and respond to the challenges of an increasingly competitive and volatile gas market, the state-owned monopolistic model could become a limiting factor and a more diversified approach to the country’s export strategy may become a necessary condition for success.