As Saudi Economy Struggles, Five Banks Stand FirmUkraine’s state oil and gas company NAK Naftogaz Ukrainy is celebrating, but its not what you might think. Naftogaz is celebrating its freedom from Russian natural gas – not a small feat considering Ukraine’s problematic history with Russia. “This dependence, being maintained through manipulating volumes of supply and prices for Russian gas, forced Ukraine into political and economic concessions.”The reliance on imported Russian gas was particularly painful as Russia started it annexation of then Ukraine-controlled Crimea in the spring of 2014. However, Ukraine remains a major route for Russian gas to EU members and ensures secure transmission. Naftogaz adds that dependence from Russian gas imports had also helped the company turn a profit.

Source: Forbes November 28, 2016 03:35 UTC