The transport potential of Ukraine is discussed in terms of supply and demand, infrastructure and geopolitics considering domestic, import, export, and especially transit one. The demand is analysed as resulting from domestic production and trade links with countries of the European Union (EU), former Soviet bloc countries as well as Asian and Middle Eastern ones, including Transcaucasia. The Ukrainian transport infrastructure, including its condition, is analysed against the background of international transport corridors. The role of the geographical location of Ukraine and the resulting geopolitical situation (including the ongoing war with Russia) are also taken into account. Based on the above, the concept of transit cargo transport East–EU via the territory of Ukraine is proposed. The concept stays in line with development plans of the EU, the Middle East and Ukraine, significantly increasing potential of the latter to handle the transport of cargo between the East and the EU.