The European green deal: risks and opportunities for Russia

In December 2019 the European Union presented an ambitious plan called the Green Deal which is aimed at combating climate change. In the EU 2021–2027 budget approved in 2020 about 25 % of the expenditures are allocated for climate projects. Legal framework of the project was established in summer 2021. Its elements can impact seriously the structure and dynamics of the EU's relations with its leading trading partners, including the Russian Federation. The article analyzes the impact the European Green Agenda has on Russia, which has its own approaches to combating climate change. They form an integral part of national development priorities system. Having analyzed the relevant strategic documents, the authors compare the directions of environmental policies of the Russian Federation and the EU. Attention is paid to the goals and objectives, as well as to the proposed tools for reducing and absorbing carbon dioxide emissions into the atmosphere. The paper also provides a detailed description of the "Fit for 55" package of measures and determines its significance for Russia. The study examines a wide range of economic and political risks for Russia in the mid and long terms. In addition, the consequences of the introduction of a Carbon Border Adjustment Mechanism for the fuel and energy complex of the Russian Federation are highlighted. Furthermore, the article presents possible dynamics of a competition in the international energy market amid the implementation of the "Green Deal" and the transition to a low-carbon economy. As a result of the research, possible economic and political measures in internal and external dimensions aimed at mitigating risks are suggested. Moreover, possible ways to improve the effectiveness of combating climate change and the reduction of harmful emissions are put forward. In addition, the research identifies prospects for cooperation in ecology between Russia and the EU.