Ukraine's State-Owned Natural Gas Giant Naftogaz Defaults On Bond Payments

Financial concerns: Naftogaz has warned it may be unable to arrange loans that are required to buy natural gas for underground storage ahead of winter Photo: REUTERS/SCANPIX

Euractiv/Reuters: Ukraine's Naftogaz stumbles into default amid new debt overhaul push

Ukraine’s Naftogaz has become the first Ukrainian government entity to default since the start of the Russian invasion, after the state energy firm said it would not make payments on international bonds before the Tuesday (26 July) expiry of a grace period.

The default may accelerate repayments on the two other Naftogaz bonds, but does not trigger a sovereign cross-default.

The energy company said in a statement that it had failed to get creditors’ support on a proposal to freeze payments on some of its bonds for two years, which it launched on 12 July saying Russia’s invasion meant many of its customers were now unable to pay their bills.

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