Journal opinion article

In recent times, the world saw a political conflict between Russia and Ukraine. The political clash of interests had its direct impact on the economic health of the two states and subsequently the global economic environment.
The current crisis and the Ukraine dependency upon Russia has given the current scenario an outlook of the Cold War. In the Cold War scenario the two super powers used their economic strength to their interest in the political domain.
Russia will use this influence to keep Ukraine dependent upon its political conditions. Another domain of the overall scenario is the possible induction of Ukraine into the European Union. This move is stressed for by the European Union as well as the United States of America. Russia on the other hand aims at maintaining its influence on Ukraine and other smaller states of the region which will allow it promoting its products, services and large scaled enterprises such as Gazprom and many more gas and natural resources providing companies and multinationals.
Given the fact that Ukraine is largely reliant upon Russia for the fulfillment of its citizens needs, the natural gas resources availability and purchase from Russia is another constraint. With the recent strangulation of ties between them, and the time barring factor and sword hanging over the heads of Ukrainians, the Kiev administration is deeply concerned about the possible backlashes of it.
Ukraine on the other side has time and again asked for international intervention and international arbitration entities in case the talks failed and Gazprom did not give up its stiff stance.
Naftogaz is another stakeholder in the entire event and aims to undermine the impact and influence of Gazprom. Ukraine’s economy that is already hit by the economic recession and other obstacles has found its overall usage and consumption reduced by a given 5 to 9 percent decrease in last year or so. With Russia offering to reduce the rates to 385 dollars per cubic meter, Ukraine still insists on bringing the rates down to the originally set rates that were in place previously.
European Union holds key interest and key position with regard to the overall debacle of Ukraine- Russia crisis has beefed up its activities in bid to find an amicable solution. European Union has its backing towards Ukraine and aims at standing by Ukraine in these rough times where Russia has already annexed Crimea (Ortlepp, 161) and is using its economic strength to its benefit (Kolyandr). With the increase in the rates, Ukraine is subsequently left with the impact of higher debts to pay and the time running out on them, the E. U and other global entities have stepped in, in hope to resolve the overall issue and prevent Ukraine from further stress in the economic domain.
The European Commission has intervened with hopes of ensuring that the Ukraine citizens do not suffer any hitch in the providing of the basic necessities. With Ukraine already crumbled into heavy debts and losses in the economic zone, disruption of the natural gas would serve as disastrous towards the already crippled outlook of the economic affairs of Ukraine.
References:
Kolyandr, Alxander. Ukraine, Russia, EU in last-ditch talks on gas prices. 14 June 2014. 1 July 2014 Ortlepp, Steven. A New Look at the Prophecies of Daniel. Lulu. com, 2014