‘Urgent changes needed in Ukraine’s energy sector’

Urgent changes are needed in the energy sector in Ukraine. That’s according to Sir Suma Chakrabarti, President of the European Bank for Research and Development (EBRD), who was speaking at the Ukrainian-Canadian […]

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By Jacqueline Echevarria

Urgent changes are needed in the energy sector in Ukraine.

That’s according to Sir Suma Chakrabarti, President of the European Bank for Research and Development (EBRD), who was speaking at the Ukrainian-Canadian Congress in Toronto.

Mr Chakrabarti said: “There is still much that urgently needs to be done in the banking and energy sectors. The fight against corruption and oligarchs has only just begun.”

He hailed some of Ukraine’s energy reforms in areas including energy security, gas tariffs and fiscal reform but added there is still more work to do to attract investors.

Mr Chakrabarti said: “Investors will respond. The EBRD is the largest single investor in Ukraine. We will be leading the way.”

The London-based bank has committed to helping Ukraine re-energise its transition to a more advanced economy.

Las year the EBRD invested €150 million (£108m) in the nation to improve a key section of Ukraine’s gas transmission system.