Naftogaz of Ukraine announced a default on Eurobonds



The state company “Naftogaz of Ukraine” on Tuesday, July 26, announcement default on Eurobonds. On that day, the deadline for payment to the holders of these securities expired.

On July 21, the Cabinet of Ministers banned company officials from making payments on Eurobonds without coordinating such actions with it. In response, Naftogaz will send a letter to the Council of Ministers, indicating that there are sufficient funds in its accounts to pay for these securities. In the same document, the company describes the risks and negative consequences both for Naftogaz itself and for the country in the event of a “hard default” on eurobonds.

Since the company defaulted on these securities, it has practically lost access to the international capital market. Thus, the government, by its position, “has in fact assumed full responsibility for raising the necessary funds for the import of natural gas for the 2022/2023 heating season”, Naftogaz specified.

Source: delfi

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