European discourses on EU-Russia gas trade are increasingly framed in terms of energy security and of the political use of a scarce strategic resource. The politicisation and securitisation of discourses began in the 2000s and has been accelerated by the Ukraine crisis. This paper assesses the extent to which EU perceptions of gas trade with Russia as a security issue are supported by empirical data, focusing on the period that followed the outbreak of conflict in Ukraine (from March 2014 to date). The assessment of actual security issues for the EU is based on four indicators: vulnerability to supply disruptions, Russia’s demand dependence, dominance of gas trade over other capabilities or aspects of the bilateral relationship and Russia’s political will to use gas trade for political purposes. The paper claims that factual evidence cannot fully explain the securitisation of discourses. It is argued that identity and normative factors have played an important role in the process. The Ukraine conflict has strengthened perceptions of Russia as a threatening other, which were deeply rooted in European identity; gas trade is increasingly viewed in this context. Under these circumstances, the EU’s rule-based approach to the internal energy market and external energy relations has resulted in further tensions with Russia and contributed to the politicisation of the gas relationship.