EU-US Energy Council reiterates support for Ukraine in diversification of gas supplies

The EU-U.S. Energy Council, which met in Brussels on Wednesday, has supported Ukraine's efforts to diversify its natural gas supplies, including through the rapid enhancement of reverse flow capacities and increased gas storage capacity.

A final joint statement by the Council also states that the Council supported measures by the IMF "to build a competitive energy economy" in Ukraine.

The meeting, co-chaired by EU foreign policy chief Catherine Ashton and U.S. Secretary of State John Kerry, welcomed the firm commitment of the Ukrainian government to transform its system of subsidized consumer energy prices into targeted measures that mitigate the impact of price increases on the poor and vulnerable.

The EU and the United States also welcomed the determination of the Ukrainian government to pursue energy efficiency, market transparency, and the long overdue restructuring and reform of Naftogaz.

"The council emphasized that all near-term actions to improve Ukraine’s energy security should be pursued in the context of a strategic vision of full integration into the European energy market," reads the statement.

Council members reaffirmed their commitment to work with Ukraine on the legislative and regulatory reforms necessary to realize this vision and support it along its path, reads the document.