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This article deals with the regulation of the natural gas sector in Russia through the lens of institutional economics. It proposes a framework in which ‘meso-institutions’ bridge the gap between the macro-institutions shaping the ‘rules of the game,’ with the Kremlin at the core, and the micro-layer within which firms operate. We argue that the slow reform process comes from conflicts of interest embedded in these meso-institutions, specifically: the Federal Antimonopoly Service, the Ministry of Energy, and the Ministry of Economic Development. Based on official documents, data from various public sources, and semi-directive interviews and discussions, our analysis shows that parties are locked in a sub-optimal equilibrium.