Factor of ‘power’ in the European vector of Russia’s foreign policy strategy and the globalization of energy policy

In the modern world of energy dependent economies, the energy component acts as a determining factor in making strategic and political decisions in the geopolitical dimensions. The article’s central interest focuses on the economic origins and financial base of the energy component of Russia’s aggressive foreign policy in the European space. It contains the qualitative and quantitative indicators of the structure of modern Russian energy market and presents the research of sources of economic basis of Russia’s military overcapacity and correlation between the size of defense spending and state budget revenues of the Russian Federation in the energy sector. Based on the findings of this study, possible ways and measures can be modeled to create an effective financial‑economic and political‑strategic system of the EU states to deter the current course of the Kremlin tight energy policy on the territory of European countries.