to Ukraine's large population and its significant energy consumption, it is one of the largest energy markets on the European continent. Ukraine's location at the intersection of Europe, Russia, the Black Sea, and Caspian Sea provides its ample natural resources such as coal, oil, natural gas, as well as significant potential for hydro and biomass energy. Ukraine relies heavily on imports for natural gas and oil products. It is a key transit site for European imports of Russian gas. Ukraine transits more natural gas than any other country. Prior to the full-scale Russian invasion of Ukraine in 2022, economic crises, Russia's closure of its market, and the escalating Russo-Ukrainian conflict in eastern Ukraine since 2014 had stymied some of the country's growth. Ukraine's energy policy has created incentives for investment in renewable energy sources, but these remain uncertain. Since 2015, Ukrainian energy policy has favored reducing natural gas subsidies alongside diversifying energy supply. Ukraine participates in the European Union's EU4Energy Programme, an effort to promote evidence-based policy making in national energy sectors. Fuel industry Ukraine remains heavily reliant on oil product and gas imports. Russia ranks as Ukraine's principal supplier of oil, and Russian firms own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia – which delivers its own gas, as well as the gas from Turkmenistan. Ukraine has been a key transit point for EU imports of Russian gas, and its pipeline system has been a crucial player in European energy supply, despite recent diversification of transit routes by Russian oil companies such as Gazprom. Since the 2014 Russia–Ukraine gas disputes, the latter's dependence on Russian gas supplies has dramatically affected its economics and foreign policy. Ukraine is independent in its electricity supply, and exports electricity to Russia and other countries of Eastern Europe. This is achieved through a wide use of nuclear power and hydroelectricity. Recent energy strategy intends a gradual decreasing of gas- and oil-based generation in favor of nuclear power, as well as energy saving measures including lower industrial gas consumption. Reform of the still inefficient and opaque energy sector is a major objective of the International Monetary Fund (IMF) and World Bank programs with Ukraine. Ukraine was a partner country of the European Union's INOGATE energy programme, which had four key topics: enhancing energy security, convergence of member state energy markets on the basis of EU internal energy market