The year since the previous Valdai Club meeting has transformed energy markets. The Nord Stream sabotage has almost put an end to gas co-operation between Russia and the EU, which used to be major partners. The embargo on Russian oil led to a radical reorientation of energy flows and the emergence of the phenomenon of shadow trade. And introduction of the price cap became an unparalleled attempt of state interference in the functioning of the market mechanism. The participants of the sixth session of the 20th Annual Meeting of the Valdai Discussion Club.talked about the future of the global energy sector.