The world’s largest gas producer and exporter, Russia has an enormous energy saving potential. At least 30 billion cubic meters – a fifth of Russian exports to European OECD countries -- could be saved every year by enhanced technology or energy efficiency. As the era of cheap gas in Russia comes to an end, this potential saving is increasingly important for Russians and importing countries.  This book analyses and estimates the potential savings and the associated reductions in greenhouse gas emissions that could be achieved in the oil extraction (flaring), gas transmission and distribution sectors. It also describes Russia’s emerging climate policy and institutional framework, including work still ahead before the country is eligible for the Kyoto Protocol’s flexibility mechanisms and can attract financing for greenhouse gas reductions.