Europe's gas import dependency is growing and Russia is likely to aim for an even higher share of the market, relying on the country's world-class resource base and proximity to the region. Does this mean construction of new direct pipelines into Europe beyond Nord Stream 2 and TurkStream? Not necessarily. Market, political, regulatory and corporate challenges will be in the way. We believe Russia needs to review its traditional export model if it intends to increase its global gas footprint. We look at Russia's future gas export options and compare the feasibility of the construction of additional pipelines versus using existing transit routes and the development of new LNG projects. We look at the regulatory, fiscal and corporate implications of different options, and analyse their competitiveness against each other and with key global rivals.