The European Union (EU), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the World Bank and International Finance Corporation (IFC) have expressed serious concern about recent events at Ukraine's state oil and gas company, Naftogaz, where the supervisory board has been temporarily suspended in order to dismiss the incumbent management team.

The EU and international financial intuitions (IFIs) in a joint statement published on Friday called upon the leadership of Ukraine to ensure that crucial management decisions at state-owned enterprises are taken in full accordance with the basic tenets of recognised corporate governance standards.

"Ukraine has made significant progress in recent years on advancing the corporate governance reform of state-owned companies towards transparency, accountability and independence. It is imperative to build on this progress to bolster the investment climate and attract much needed private-sector investment in Ukraine," they said in the statement.

"We are hoping for renewed commitment from the Ukrainian authorities to continuing reforms that will unlock investments, allowing the country to recover and realise its potential," the EU and IFIs said.