Аннотация:In recent years, the problems of Russian gas supplies to Europe got quite serious as the events of January 2009 have shown. From an economic point of view, the sources of these problems are the monopoly of Ukraine as a transit country, on one hand, and Russian monopoly on supplies of gas to Ukraine, on the other. The paper analyses different schemes of supplying Russian gas to Europe and Ukraine. It is shown that under existing agreements on supplies of Russian gas to Europe, Ukraine does not take proper advantage of its position as a monopoly transit country. On its part, Russia could benefit by setting the price of gas supplied to Ukraine as a function of transit tariff set by Ukraine.