abandonment in the future. Risks caused by the
Russian government in the field of energy, the
search for ways to save and preserve the
environment have led to development and use of the
newest types of energy over the past ten years.
Ukraine can adopt the model of European countries
and improve current achievements in the field of
“green” energy. Ukraine needs a complete rejection
of Russian energy resources and requires formation
of a new energy strategy. Within the framework of
this strategy, it is possible to consider not only
traditional approaches – increasing the country’s
own production of gas, coal, oil, but also the use of
other technological solutions – biofuels, hydrogen
biotechnologies, battery storage, etc.
For economic security of Ukraine and its
enterprises, there are two main measures to
strengthen energy security, both of which consist in
introduction of modern technologies. First, it is the
use of battery storage devices or biomass for short-
term energy accumulation. Secondly, it is the use of
hydrogen biotechnologies for long-term
accumulation. Such measures to strengthen security
can be implemented with the help of relevant
projects of cooperation between the state and private
enterprises.
Ukraine’s needs for battery storage are so great
that it will be interesting for businesses to build their
own battery production. The country can learn from
the relevant experience of the USA, the EU
countries, South Korea. Concerning the use of
biomass, biogas as energy sources, practices of
Germany, Great Britain, Italy, Sweden and Finland
can be of great interest.
Ukraine, the EU countries and the USA are
dependent on some of products manufactured in
these countries in limited quantities that do not
cover their entire needs. Because of this, the priority
direction of cooperation between the state and
private enterprises may involve development of
such a business direction as replacement of imports.
For example, speaking of Ukraine, we can note a
significant increase in imports in the first half of
2021 (the latest data) compared to the same period
in 2020 – by $34.5 billion, or by 27.6%. As for the
import of goods and services during this period, the
main trading partner countries of Ukraine included
the EU countries (41.5%), China (14.6%), the
Russian Federation (7.7%), Belarus (6.1%), the
United States (5.6%) [15].
Thus, imports to Ukraine from the aggressor
countries (the RF and Belarus) amounted to 13.8%.
Before the war, energy carriers (coal, including
anthracite; petroleum products; liquefied gas) made
2/3 of all imports from the Russian Federation to
Ukraine. As for Belarus, Ukraine imported 58.5% of
petroleum products and fuel, 17.4% of fertilizers,
plastics, chemical products, etc. from this country
[16].
It should be noted that on April 2, 2022,
Kremenchuk oil refinery, the only one in Ukraine,
was completely destroyed by Russian missiles [17].
In conditions of war, actions of the Armed Forces of
Ukraine depend on availability of fuel. According to
B. Sokolovskyi, “the only way out is to build a new
modern oil refining complex capable of producing
liquid high-quality petroleum products and modern
raw materials for the chemical industry for the
Ukrainian and foreign markets. This option is the
most acceptable for our state, since the state can
influence our market of petroleum products, we use
the Ukrainian school of oil refining, create jobs”
(courtesy translation) [18]. Therefore, projects for
import substitution in the oil refining industry after
the end of hostilities are extremely relevant.
In addition to import substitution, it is advisable
to consider what Ukraine can offer to other partner
countries, since the EU countries, the United States
and others have problems with import substitution
of some goods. The EU is Russia’s largest trading
partner (41% of Russia’s total trade volumes). In
addition to oil and gas, it exports other goods from
Russia [19]. The EU countries’ needs include metals
and metal products, wood and furniture, chemical
goods and plastics, food products. All this can be
produced by Ukrainian enterprises subject to the
state support and joint projects with other countries.
Especially since Ukraine possesses necessary
resources, as well as cheap labor. However, this
labor force does not possess necessary innovative
competences.
Besides, building new production of electric
motors, transformers, generators, consumer
electronics, electronics, as well as IT technologies
will contribute to strengthening economic security.
Ukrainian IT specialists’ activities during the pre-
war period and martial law show that Ukraine has a
large number of professionals in this field who can
be involved in joint projects of the state and
businesses.
An important point is to take into account
miscalculations of the economic policy of other
countries on the territory of which military conflicts
took place in the ХХ century. Let us consider
restoration of economic security of Bosnia and
Herzegovina in the post-conflict period (1999-2004)
as an example. Under the “Program project of
reconstruction and European integration of the
Balkan countries”, Bosnia and Herzegovina
received $7 billion (200% of their GDP in 1996) of
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.8
Cherep Alla, Adamenko Maryna,
Cherep Oleksandr, Dashko Iryna,
Korolenko Rita, Kornukh Oksana