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Ukraine energy giant Naftogaz defaults on foreign bonds

by The Kyiv Independent news desk July 26, 2022 9:45 PM 1 min read
This audio is created with AI assistance

On July 26, state-owned gas giant Naftogaz missed the deadline to pay off $335 million in principal and interest payments as well as a separate interest installment of 45 million euros on another bond after creditors refused to postpone payments on the bonds for two years. A default on bonds "deprives Naftogaz of access to the international capital market," according to the company's statement. As a result, the government will have to take “full responsibility for raising the funds needed to import natural gas for the upcoming heating season.”

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