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   DIR By: chandna rani
       Date: September 3, 2023, 4:40 am
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       After the arrival of Viktor Yushchenko to the Presidency in
       January 2005, The 2008 economic crisis increased Ukraine's
       vulnerability. With its currency plummeting, the country had to
       turn to the International Monetary Fund ( IMF ), and one of the
       conditions for obtaining a loan was to cut energy subsidies
       that, along with Russian discounts, helped maintain living
       standards. Faced with the urgent need to reduce energy prices,
       President Viktor Yanukovych, who came to power after the
       February 2010 elections, reached an agreement with Moscow to
       extend the Russian lease of the Sevastopol base until at least
       2042, in exchange for a 30% reduction in the price of gas.
       Despite his reputation as a pro-Russian president, Yanukovych
       tried to take advantage of the shale revolution to remedy Phone
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       energy situation. It was about using
       Western capital and technology to exploit the Ukrainian shale
       gas fields in the Dnieper-Donetsk basin, in the Donbass, and the
       Oleska field in the west of the country. In addition to signing
       contracts with Shell and Chevron in 2012 and 2013, it also
       authorized Shell and ExxonMobil to explore for gas in the Black
       Sea, at Skifska.
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       As a result, Ukraine has become a resource divide in Europe,
       which It adds to the transit ones that have existed since 1991.
       At the time when Ukraine was negotiating an association
       agreement with the EU, its immediate energy difficulties
       remained a serious vulnerability. The fact that consumer prices
       were subsidized and heavily regulated limited the Kiev
       government's ability to receive substantial and sustained
       financial assistance from the IMF and the EU , which were
       demanding liberalization of the sector.
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