At considerable domestic political risk, Tymoshenko concluded a long-term gas transit and purchase agreement with Russia that is transparent and market-oriented, as well as a far-reaching agreement with the European Union, the World Bank, the EBRD, and the European Investment Bank on reform of Ukraine’s gas sector and gas-transit system. Yanukovych, whose campaign relies on financing from the main beneficiaries of the old, corrupt energy system, seems certain to undo these reforms, thus reintroducing grave risks into European energy markets.