In recent decades, China's transformation from a regional energy supplier to one of the world's largest net energy importers, in particular with regards to oil and gas, has led to an increasing sense of energy insecurity in Chinese policy circles. Guaranteeing adequate supplies of energy to fuel economic growth is a central element in Beijing's efforts to maintain legitimacy in the face of economic reform and transformation. To combat energy insecurity a number of initiatives are being undertaken to diversify energy inputs, suppliers, and the means of their transport.

Should we consider Ukraine a transit country in deadlock, and reduce its energy role just to that of a transit country? Definitely not, because Ukraine is at once a large gas consumer and producer, and possesses massive storage capacity. But the economic and political situation of the country is alarming, even without considering the possibility of another gas crisis Without such a crisis, however, the event of Ukrainian bankruptcy would attract less broad international attention simply because it would not have direct impact on European gas consumers.