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The role of organized commodity markets in securing investment in the Ukrainian energy sector

On Monday, October 16, the Brussels Energy Club organized an interactive discussion focused on the following topic:

The role of organized commodity markets in securing investment in the Ukrainian energy sector – an open discussion with the Commissioners from the NSSMC Ukraine

With key interventions from:

Arsene Ilin


National Securities and Stock Market Commission (NSSMC) of Ukraine

Iraklii Baramiia


National Securities and Stock Market Commission (NSSSMC) of Ukraine

Maksym Libanov


National Securities and Stock Market Commission (NSSMC) of Ukraine


This meeting came in parallel to the visiting Delegation to the Benelux of high-level regulators from the National Securities and Stock Markert Commission (NSSMC) of Ukraine. In a frank and open discussion with members and guests of the Brussels Energy Club, three NSSMC Commissioners elaborated on the role played by organized commodity markets in securing investment flows into the Ukrainian energy markets. The discussion focused on gas and electricity markets, particularly how markets for trade in energy commodities continue to function despite wartime conditions. The discussion also addressed the question of how the trade of commodities in Ukraine is regulated, to draw comparisons to supervisory frameworks within the EU. The visit of the Ukrainian NSSMC Delegation to the Benelux was supported by the EU through the project: ’Assistance to the NSSMC in the improvement of Ukraine's energy commodity markets and organized commodity products trading in Ukraine’.

Speaker information:

Arsen Ilin embarked on his professional journey in the financial sector in 1998, where he honed his expertise in finance and corporate affairs while working with various esteemed banking institutions. In 2016, Arsen Ilyin took on the role of Director at CJSC «Carpathian Mining Company,» a position that showcased his exceptional leadership skills and strategic acumen. During his tenure, the company thrived under his guidance, achieving notable milestones and establishing itself as a prominent entity in the mining sector. His visionary approach and ability to navigate complex business challenges were instrumental in the company's success until the end of 2020. In April 2021, Arsen Ilyin took the position of Commissioner of NSSMC. He is in charge of overseeing the efficient functioning of organized commodity markets and financial-credit mechanisms in the construction sector.

Iraklii Baramiia began his professional career in 2007 as an economist in the retail banking management of individual clients in the Kyiv City branch of JSCB Ukrsotsbank. He has an impressive background in the banking sector, which contributed to his successful career in the regulatory body, the National Securities and Stock Market Commission (NSSMC). Mr Baramiia joined the NSSMC as a senior specialist in 2008 and, due to his professional skills and knowledge, in 2017 he took the position of the Director of the Department of Market Supervision. Since April 2021, Mr Baramiia has been assuming the position of Commissioner at the NSSMC, marking a significant milestone in his professional career. Mr Baramiia heads the Committee on the Post-trading Infrastructure of Capital Markets and the Committee on the Supervision and Control of the Functioning of Capital Markets and Organized Commodity Markets. Mr Baramiia is in charge of monitoring the activities of professional participants in the capital markets during his tenure at the NSSMC. He plays a crucial role in ensuring their compliance with regulations and standards.

Maksym Libanov started his career at the NSSMC in December 2002. Since July 2005, he has headed the Capital Markets Strategy Unit. He was responsible for the adaptation of Ukraine's legislation to EU legislation within the framework of the EU Association Agreement, the implementation of international standards of IOSCO, IOPS, OECD and other international organizations, the development, analysis and support of legislative initiatives on these issues, worked on program and strategic documents on capital markets development, coordinated the work on training and certification of stock market specialists. In 2010, Mr Libanov received his Ph.D. in Law and defended his dissertation on «Legal regulation of financing of professional pensions in Ukraine». In February 2018, Mr Libanov assumed a pivotal role as a Commissioner of the NSSMC. Mr Libanov heads the Committee on Development Strategy and Stock Market Economic Analysis and the Committee on Issuers Functioning and Corporate Governance. During his tenure, Mr Libanov actively participates in numerous international events engaging with other regulators in EU and USA and international organizations, particularly, IMF, World Bank, USAID and others.


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