July 26, 2023 [Ukraine Alert]- Russia’s full-scale invasion of Ukraine has led to dramatic changes in the European energy market, with countries across the continent moving to end years of growing reliance on Russian gas.
However, more can still be done to safeguard European energy independence and prevent the further weaponization of Russian exports. In the search for greater energy security, EU officials and individual member states should explore the opportunities presented by Ukrainian gas storage.
Ukraine’s underground gas storage facilities are the largest in Europe and offer extensive untapped potential. In order to make the most of this potential, however, considerable international investment will be necessary along with guarantees to cover war-related risks.
Constructed during the Soviet era as part of the infrastructure to support Russian gas deliveries to European markets, Ukraine’s gas storage facilities have an overall capacity of 31 billion cubic meters. These facilities are overwhelmingly concentrated in the west of the country, far from the present front lines of the Russian invasion and close to the borders with EU member states Poland, Slovakia, Hungary, and Romania.
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