Ukraine Signs Gas Deal with Greece; Committed to Overhaul the Energy Sector.

Ukrainian President Volodymyr Zelensky vowed to overhaul the country’s scandal ridden energy sector as he looks to stem outrage following accusations of wide-spread corruption that have included an old friend and former business partner. The scandal comes as Ukraine is under massive pressure from intensifying Russian air strikes on energy installations around the country as the deep cold of winter nears.

In a bid to stem the energy crisis, Zelensky on November 16th has traveled to Athens, where he signed a deal to import US supplied Liquefied Natural G (LNG) as from next month through March 2026.

Meanwhile reaffirming his country’s stance in mitigating economic corruptions, President Zelensky has once again asserted that, “We are beginning the overhauling of key state-owned enterprises operating in the energy sector”. The President said the leadership of at least three state-run energy companies would be sacked and quickly replaced and that other changes were in the works. “In parallel with the full audit of financial activities, the management of these companies should be replaced. Today, together with Prime Minister Yulia Svyrydenko and Economy Minister Oleksiy Sobolev, we determined the procedure”.

It remains to be seen whether these promises are transformed into actions, thereby easing pressure on Zelensky, while satisfying Kyiv’s Western allies, who have urged the Ukrainian leader to do more to stem endemic corruption as the country continues to battle against Russia’s full-scale invasion. An official source has quoted “the corruption alleged in the probe is “revolting” and won’t help Ukraine’s reputation with international partners”.

Ukraine’s National Anti-Corruption Bureau of Ukraine (NABU), in a joint operation with the Specialised Anti-Corruption Prosecutor’s Office (SAPO), said on 10th November, that it has found the scheme involves “a high-level criminal organisation” aimed to “influence strategic enterprises in the public sector, in particular JSC Energoatom“, a state-owned nuclear energy company further unveiling a “large-scale operation” alleging tens of millions of dollars of graft in the energy sector in the midst of Russia’s war on the country.

Meanwhile. While demonstrating his steadfast commitment, President Zelenskyy called for a new supervisory board at Energoatom “within a week” that would enable a “complete overhaul of the company’s management”. He also set changes atop Naftogaz, Ukraine’s state-owned gas company, and at Ukrhydroenergo, the state-owned hydro power generator.

• “In a week, all conditions should be provided for the formation of a new and professional supervisory board of the company, and thanks to this, a complete reboot of the management board of Energoatom“.

• “At Ukrhydroenergo, there will be an urgent tender for a new head of the company and additional formation of the supervisory board“.

• Naftogaz, Ukraine’s state-owned gas company, “should announce and hold a competition for work on the company’s supervisory board so that this new composition can start working in January 2026“.

• “In other large state-owned energy companies, the renewal of state representatives on supervisory boards should take place“, Zelensky added.

Meanwhile, in the list of suspects in the anti-corruption probe includes people at the highest levels of government and other high-profile figures, with much centered around Tymur Mindich, a longstanding close collaborator of Zelensky. Mindich had fled Ukraine for Poland hours before authorities launched raids in connection with their investigation, prompting critics to allege he had been alerted ahead of the action. His involvement also led to uproar due to his past connections to leading political figures, including Zelenskyy. Mindich is a co-owner of the Kvartal 95 comedy troupe that Zelenskyy also co-owned before he ran for political office.

The business was an important vehicle for Zelenskyy to gain popularity as a comedian and actor before entering politics. Mindich was also a business partner with billionaire Ihor Kolomoyskiy, who backed Zelensky’s 2019 presidential campaign and who has been in pretrial detention since 2023 on fraud and money-laundering charges.

Meanwhile, Zelensky had started distancing himself from Mindich and the other 07 people formally suspected in the investigation. On November 13th, he signed a decree imposing sanctions including asset freezes on Mindich and Oleksandr Tsukerman, who is also charged and also left the country. The probe has been carried out by anti-corruption institutions that Zelenskyy tried to muzzle before major street protests forced him to back down in the summer.

Ukraine’s Western allies, who have provided billions of dollars in military and financial aid, have urged Zelenskyy to do more to fight longstanding corruption in the war-torn country.

In a statement on X, Group of 7 (G7) ambassadors on November 15^th have said they “welcomed Zelensky’s cooperation and support for NABU/SAPO’s independent investigation. We count on Ukraine’s leadership to continue its anticorruption efforts, which is key to Ukraine/Euro-Atlantic integration. As Russian attacks persist, we continue to support Ukraine’s energy resilience“, the statement added.

On the other side, Russia has continued their attacks early on 15th November, hitting the Odesa and Sumy regions. In Odesa, where a key port city with the same name lies on the Black Sea, Russian drones hit a solar power plant, while in Sumy, residential buildings were hit.

“The enemy continues to intentionally strike at the civilian infrastructure of the south of the Odesa region. Despite the active work of the air defense, this night, drone strikes again damaged energy facilities, including a solar power plant“, the head of the regional military administration, Oleh Kiper, said on social media, adding there were no casualties.

Russia says it has not targeted civilian infrastructure, though residential buildings have been hit on an almost daily basis. The country does say, however, that energy plants are legitimate targets as these power facilities are used by Ukraine’s military.

Zelenskyy’s trip to Greece will mitigate some concerns over energy supplies. In Athens, he signed a deal that “will be another gas supply route to secure imports for the winter as much as possible“.

It is mention worthy that vide the deal, Ukraine will not only receive natural gas from Greece, but through Greece’s infrastructure, Ukraine will be able to receive energy from the United States, which was further vetted by Zelenskyy at a news conference with Greek Prime Minister Kyriakos Mitsotakis.

Team Maverick