Well, it is certainly false scaremongering but necessary IMO. Given another 10 years the way we are going the Russians will have achieved what the Soviets never could - having western europe over a barrel.
(groan)
Given the amount of xenophobia, mafia, ex-KGP and just plain old corruption in the upper echelons of power over there, I wouldn't want to see my country reliant on Russia for its energy supplies. The more scaremongering the better - maybe it will help prompt some serious investment in alternative energy supplies.