Victor Yanukovych’s first moves and appointments are being watched closely for what his presidency portends. So far, he is not scoring well in our book.

A big question remains whether Yanukovych will hand over more control of the nation’s economy to the billionaire businessmen who backed him, thus stifling competition and robbing the state. One major litmus test shows that the powerful insiders who have distorted and muddied the nation’s natural gas trade are gaining in strength every day. All eyes should be closely watching how much influence is exerted upon Yanukovych by gas tycoon Dmytro Firtash and his crowd. It is worrying, even for some Regions Party members, to see Yanukovych surround himself early on with individuals close to Firtash’s business empire.

Serhiy Lyovochkin, 39, was appointed presidential chief of staff on Yanukovych’s first day of office. Lyovochkin was first deputy assistant to former President Leonid Kuchma and allegedly played a big role in brokering the arrival of intermediaries in the business of supplying Ukraine with gas. Ex-Prime Minister Yulia Tymoshenko has called Lyovochkin and former energy minister Yury Boyko the “godfathers” of two prominent intermediary firms: Hungarian registered Eural Trans Gas, and the firm that replaced it, Swiss-registered RosUkrEnergo.

One of Tymoshenko's biggest achievements as premier was coercing Vladimir Putin, her Russian counterpart, to cut out RosUkrEnergo, opening the door to direct, transparent, market-based trade of gas. Last year, Putin publicly suggested that the Ukrainian interest in RosUkrEnergo, 50 percent owned by Firtash and associates, was part of an election campaign slush fund. What he didn’t reveal is Russia's take in the whole sordid trade. Did Yanukovych’s Regions Party benefit, possibly appeasing Moscow in return for cash by derailing NATO integration?

Should Yanukovych form a loyal coalition, a major conflict of interest will present itself. The government loyal to him could take over the Justice Ministry and state gas company Naftogaz, which is currently in arbitration against Firtash in a Stockholm court. Firtash claims Gazprom illegally sold $3-$4 billion worth of his gas to Naftogaz last year. Should Ukraine lose the case, the Firtash group will be billions of dollars richer, but the broke state energy company could go bankrupt.

Whose interests will Yanukovych and Firtash’s friends defend while running Ukraine’s government: the nation’s or their own?