Russia and the European Union have clearly entered a new stage in their energy relations, defined by a growing asymmetry between a strengthened national monopoly on the supply side and a gradual opening of markets in Europe. In this context, a multitude of new approaches to EU-Russia relations have been voiced recently by a wide variety of experts. Unfortunately, many of them involve 'defensive' solutions, driven by lack of mutual trust on both sides. Is a positive approach nevertheless still possible? The paper argues that competition is a key universal value in the development of a new and sustainable energy relationship between Russia and Europe. It is clear that EU competition regulators should take the lead in setting up a new framework for EU-Russia energy relations in the future. The success of their endeavors will not only determine the security of energy supply for European consumers, but also that of the Russian and Eurasian energy markets.