Ukraine can become an EU energy hub, but stopping the transit of Russian gas has certain risks.

Thanks to a robust gas transportation and storage system, Ukraine can become Europe’s energy hub and the anchor of its energy security, said Oleksiy Chernyshov, head of the board of Naftogaz of Ukraine.

According to him, the Europe’s creation of strategic gas reserves cannot be considered purely from the point of view of commercial interests. This is already a matter of energy and economic security for the continent because it ensures a stable energy supply in modern geopolitical conditions.

Ukraine has one of the largest gas storage systems in Europe, with more than 30 billion cubic meters of capacity. Since June 1 2024, underground gas storage customers have enjoyed easier gas injection, storage, and withdrawal conditions, and the gas storage tariff will remain unchanged until April 1, 2025.

However, after Russian gas transit ceases at the end of the year, Ukraine’s pipeline infrastructure may become a target for Russian attacks, say the Vienna Institute for International Economic Studies.