TPT May 2009

A Clearer Picture of T he Ukraine is currently undergoing a period of ❱

countries share a common bond of history, character and business. The paradox between Ukraine’s actions and mentality often leads to contrasting social and political decisions. The Ukrainian gas transmission network is a main supplier of gas from Russia to the European Union. Due to its unique position, the country has become the most important transit country for Russian gas. This situation has led to a number of high-profile spats between the two countries over energy prices and gas transit – the most recent in January – and it has become clear to both countries that differences should be settled behind closed doors.

A boost is expected with the Ukraine’s staging of the European football championship in 2012

reevaluation of its role within Eastern Europe and on the international stage. This phase follows on from the Ukraine’s entry into the World Trade Organization in 2008. A tricky balancing act, the country is currently consolidating its position as a steady business zone and industrial heavyweight, balancing on its political see-saw between the EU and NATO on one side, and good relations with Russia on another. Due to a large Russian-speaking population, particularly in the industrial heartlands of the east, the Ukraine is always going to have close ties with Russia. The two

❱

The current economic crisis has had a big impact on the Ukraine’s industry and brought home the need for closer cooperation and support from all of its partners. Industry accounts for 31.7 per cent of the Ukraine’s GDP (which grew by an estimated 2.1 per cent in 2008), with steel and metals a central part of this output. Some of the country’s largest

www.read-tpt.com

M ay 2009

50 ›