Russia is the third largest oil producer in the world, as well as one of the largest oil and gas export leaders. As much as half of Russia's daily exports are sent exclusively to Europe. At the beginning of 2022, the Russian invasion of Ukraine began, and European countries, as a sign of support for the invaded Ukraine, introduced a series of sanctions against Russia. Due to the introduced restrictions, prices fluctuated on the European energy market. In such unfavourable inflationary circumstances, Europe is forced to find an alternative for Russian energy sources. Therefore, this paper emphasizes the dependence of European countries on Russian energy sources and increase of oil and gas prices because of the war. Among other things, the paper deals with the activities of Gazprom, the Russian energy "giant" and one of the leading energy companies in the world. A review of some of the European Commission's proposals for the new situation is also presented, and it was explained which strategies Europe plans to use to reduce the import of Russian energy products. The paper also analyses the other side and deals with Russia's exit strategy, which aims to redirect its exports and look for potential new customers for the further sale of its own oil and gas. The paper analyses the period until July 15, 2022.