ENERGY, SANCTIONS AND ECONOMIC SECURITY IN UKRAINE: PROSPECTS FOR POST-WAR RECONSTRUCTION

Abstract

The energy plays key role in the security and economic development of all nations. This has become abundantly clear during the Russia-Ukraine war. Since, large-scale attack of Ukraine by Russia in February 2022, numerous key energy infrastructure sites have been damaged, destroyed in Ukraine. As a result of these attacks, Ukrainian households, businesses, industries, hospitals, and public services have faced the serious issues. They have also caused the larger economic issues for the country. Meanwhile, US and other western countries have implemented economic & energy sanctions against Russia. The sanctions are designed to cut Russia's oil and gas revenues and make it harder for Russia to finance the war. But Russia has altered some of its trade routes and boosted energy supplies to nations not under Western sanctions. Thus, effect of energy sanctions is not definitive. In this article, the authors analyze correlation between energy security and sanctions to economic security in Ukraine. The study contends that Ukraine should not just restore the pre-war energy system. Rather a new system decentralized, diversified, renewable, and modern and closely linked to European energy markets be built. The article ends by stating that reconstruction of energy is a significant component of the long-term economic and national security policy of Ukraine.