• There has been a default by Naftogaz of Ukraine NJSC as evidenced by the nonpayment of Eurobond holders.
• The deadline for making payments to holders of Naftogaz’s Eurobonds ended on July 26, 2022, according to the report.
• The Ukrainian Cabinet of Ministers has not yet given Naftogaz of Ukraine NJSC authority to pay holders of the 2022 and 2024 issues of Eurobonds as required.

There has been a default by Naftogaz of Ukraine NJSC as evidenced by the nonpayment of Eurobond holders. On Telegram, Naftogaz of Ukraine NJSC issued the pertinent declaration.

The deadline for making payments to holders of Naftogaz’s Eurobonds ended on July 26, 2022, according to the report.

On July 21, 2022, the General Meeting of Naftogaz of Ukraine NJSC, acting as the Cabinet of Ministers of Ukraine, approved Resolution No. 625-p, requiring company executives to obtain clearance from the Cabinet of Ministers before taking any actions involving Eurobonds.

The management of Naftogaz timely sought for the Cabinet of Ministers of Ukraine’s approval in order to carry out the government’s decision and fulfil the duties of the national corporation. The corporation explained the risks and detrimental implications for the company and the nation in case of a “hard default” on Eurobonds in its formal letter to the government, as well as the availability of funds in its accounts, which were enough to make Eurobond payments.

The Ukrainian Cabinet of Ministers has not yet given Naftogaz of Ukraine NJSC authority to pay holders of the 2022 and 2024 issues of Eurobonds as required.

Naftogaz of Ukraine NJSC claims that as a result, the government has defaulted on the company’s Eurobonds. The Cabinet of Ministers now assumes full responsibility for raising the funds required for the import of natural gas for the 2022/2023 heating season as the failure to meet its Eurobond obligations has actually denied Naftogaz of Ukraine NJSC access to the international capital market, the company stated.

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