Cheap energy, namely gas, has been Ukraine’s strongest lure since the break-up of the Soviet Union. Businesses and homeowners alike have enjoyed prices that are a fraction of the cost paid by the rest of Europe.
The country’s close relationship with Russia has yielded cut-price energy in return for a route into the European market with some 80% of exported gas passing through Ukraine. It is a basis on which the country’s economy is built.
Ukraine has been the envy of its closest neighbours for years: domestic gas is 13% the cost of Poland’s and 11% the cost of Slovenia’s.
Many energy intensive mineral industries have benefited from this haven such as titanium dioxide (TiO2), silicon carbide, and soda ash, but with cracks beginning to show, such as last year’s face-off with Russia over a $2.4bn unpaid bill, many are...