Building on a model of the interaction of risk-averse frms that compete in forward and spot markets, we develop an empirical strategy to test whether oligopolistic frms use forward contracts for strategic motives, for risk-hedging, or for both. An increase in the number of players weakens the...

This paper examines the perspectives of Russian gas exports to Western Europe and the strategic options of the CIS gas transiting countries, namely Ukraine and Belarus. The development of a new transit corridor through Belarus (the Yamal-Europe pipeline), depriving Ukraine of its former...