The study analyses a complex of complicated relations between the EU and Russia in power engineering. It emphasizes the high level of their mutual dependency. The EU depends on import of Russian natural gas and the entire Russian financial sphere depends on payments for energy materials exported to the EU. It traces the main problems of their mutual relations involving the Energy Charter and an effort to lessen their mutual dependence by diversification of energy material suppliers (the EU) and new export routes (Russia). The study accentuates lasting problems arising from the necessity to transit energy materials through third countries - mainly the Ukraine and Belorussia.