Business & Economics
Athens-Kyiv Deal Activates Vertical Corridor for U.S. LNG to Ukraine
On 17 Nov 2025 Greece’s DEPA and Ukraine’s Naftogaz finalised a pact to send American LNG through the Balkan “Vertical Corridor” to Ukraine from December to March, creating its first non-Russian winter gas route of the war.
Focusing Facts
- Letter of intent signed in Athens on 17 Nov 2025 covers U.S. LNG deliveries to Ukraine between 1 Dec 2025 and 31 Mar 2026 via Greece–Bulgaria–Romania–Moldova pipelines.
- Zelensky said Kyiv has arranged about €1.9 billion in European-backed financing to pay for the imports.
- Cargoes will be handled by ATLANTIC-SEE, a new DEPA subsidiary, at the Alexandroupolis LNG terminal before entering the corridor.
Context
The workaround echoes the 1948-49 Berlin Airlift, when Western allies bypassed a Soviet land blockade with an improvised logistics bridge; here, molecules are rerouted instead of flour and coal. It reflects two structural shifts: Europe’s scramble since 2022 to sever decades-old dependence on Russian pipelines, and the emergence of the Eastern Mediterranean as a strategic energy gateway that can swing supply northward. Greece, once at the periphery of EU geopolitics, is leveraging infrastructure investments to become a hub—much as the North Sea turned Norway and the UK into energy linchpins after the 1973 oil shock. Over a 100-year lens the agreement matters less for the 4-month volumes than for locking Ukraine into a trans-Atlantic energy architecture that could undercut Kremlin leverage for generations. Yet history also warns of shelved projects like the 2009 Nabucco pipeline: without sustained political will, today’s vertical corridor could end up a footnote rather than a watershed.
Perspectives
Greek economic and energy-focused media
e.g., Η Ναυτεμπορική — The LNG accord positions Athens as a pivotal transit hub that boosts European and regional energy security while showcasing Greece’s modern infrastructure and diplomatic clout. Coverage highlights Greece’s strategic importance and commercial gains, potentially glossing over Kyiv’s vulnerability or the financial risks Greece assumes in facilitating the deal.
International liberal-leaning outlets
e.g., The Guardian, AsiaOne, ThePrint — The agreement is another example of Europe rallying behind Ukraine to keep homes heated and blunt Russia’s weaponisation of energy during a harsh winter. Stories stress unity against Moscow and humanitarian urgency, but give scant attention to Ukraine’s internal governance problems or Europe’s long-term dependency on costly US LNG.
Investigative/business press and war-blog commentary
e.g., GameReactor, Financial Times excerpt via Balloon Juice — While the gas deal is welcome, it lands amid a $100 million graft scandal in Ukraine’s energy sector that has triggered ministerial sackings and questions about Zelenskyy’s anti-corruption resolve. By foregrounding corruption, this coverage can erode confidence in Kyiv and feed ‘fatigue’ narratives in donor countries, though it may under-represent the urgency of replacing bombed-out infrastructure.