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The sharpening of competitive pressure on global gas markets is indeed shaking their positions. A range of reactions has been observed among producing countries: exploration and production contracts were revised in order to ease foreign direct investments and to attract new technologies developed by the majors; some concessions were made towards consumers with new gas contracts" pricing formula - the touchiest issue -; massive investments were made in LNG and upstream projects. What about Russia, the largest natural gas reserves holder, and the largest natural gas producer and exporter? Has it been too slow to react, as often underlined by many commentators? (Dowload the pdf to read the Full Text).