We're back, everybody. This is Squatbox on CNBC Europe. We're about nine minutes to the top of the hour. The Ukraine is still facing uncertainty after a tight finish at the polls failed to produce an outright winner this weekend. Both opposition parties are now claiming the right to form a coalition. Prime Minister Janikovic's party remains in first place with 34.2% of the vote. With the coalition of the Ukraine's two main orange revolution parties scoring 45%. Between them, meanwhile, in a move, some analysts are interpreting as a message of support for Russian-backed Janikovic. Gazprom has warned the Ukraine. It will cut gas to the country in October if Kiev fails to agree repayments of its energy debts. With more on what we can expect from this story, Brian Bester has joined us. He's head of investment banking at Dragon Capital. Brian, welcome. Nice to see you. Nice to meet you. Presumably you've got investments and interest in the Ukraine, which is why we're talking to you this morning. That's right. Good. Okay. Just to clarify that for the audience. Let's just deal with the Gazprom issue first here. Why now? I mean, assuming that there are some debts from the state Gazbusiness that Gazprom feels are owed, the timing is quite interesting as to why they feel it must be repaid now, otherwise they're going to cut off supplies. Well, it's naturally a knee-jerk reaction, political jockeying, if you will. The orange coalition winning majority in Parliament sent signals to Russia that the Yanukovych party is going to be less favorable relations with Russia could cool a little bit after this recent political election. I mean, how serious is the impact on business actually in the Ukraine from what happens at a political level? Because sometimes it's hard to see that it makes much difference at all. Yeah, it's an interesting question and you're right to ask it. What we've seen ever since 2004 when we had the presidential election that kicked off the political crisis in Ukraine, we've seen the capital markets practically detaching themselves from politics altogether. In 2004 and the run-up to the presidential session, we had almost 200% growth in the equity markets. And the two-year subsequent 45-50% growth in equity markets this year grew up over 100% in equity markets in Ukraine. So no matter really what happens in the political scene, because we've been in a status of practically constant political crisis since 2004, the markets have performed quite well. How concerned should one be about the Russian effect? I mean, clearly, Gazprom appears to be, if we take the political story and run with it, it's a warning shot, isn't it? I mean, will there be a deterioration of relations with Russia if the orange party is in the driving seat in this coalition? There could be a slight deterioration of relationship between Russia and Ukraine, but on the other hand, there will be a strengthening of relations with Western Europe, which I think will play a nice balancing act here. But I think that Yulia Timochenko's party learned a valuable lesson after they were ousted from parliament, from the government last time. I think that they will be much more amicable to the Russian neighbors this time around. If we are seeing, as you say, closer integration into Europe, how is that going to change the investment case for the Ukraine going forward? I think it's a clear signal to investors, mostly coming from the West anyway, that Ukraine is open for business, that the country is going to continue its reform program, probably more aggressively than it would have had the party of regions gain the majority in parliament. So I think it's going to be a positive sign to the West. How vulnerable is the Ukraine to a downturn in interest in emerging markets more broadly? And has it suffered a toll from this rewriting of risk that we've talked about in the wake of the credit crunch? No, it really hasn't. The markets have stayed fairly resilient to the global turmoil that we've seen in recent months. I think, in fact, it could have a positive effect on Ukraine. I see the investors are still looking for growth stories. They're still looking for high yields. Ukraine's risk profile hasn't changed that much. Vizavie, what's happening in the West. So I think that it could actually spur more investment in the region as investors continue to look for good growth. Fundamentally, Ukraine is still quite strong. Yeah, okay, nice to see you. Thank you for coming in. Brian Best with us this morning from Dragon Capital.