The Cabinet of Ministers of Ukraine recognized as unsatisfactory the work of the board of NJSC Naftogaz Ukrainy on changing credit conditions with the issuer of its eurobonds, Kondor Finance plc, and actually took control of this transaction.

According to Cabinet resolution No. 625-r dated July 21, 2022, the text of which was published on the government portal, the government obliged Naftogaz to conclude an agreement with Kondor Finance on the terms set by the government. The conditions themselves are not specified in the order.

At the same time, Naftogaz was obliged to separately coordinate with the government its actions to conclude a deal with Kondor Finance.

As reported, the Cabinet of Ministers, by a resolution dated July 7, 2022, allowed Naftogaz to change credit conditions with the issuer of its eurobonds, Kondor Finance plc.

Naftogaz approached the holders of its eurobonds worth almost $1.5 billion with a proposal to defer coupon payments on them for two years, including postponing the repayment of 2022 eurobonds worth $335 million for the same period due to the need to import an additional 4 billion cubic meters of gas worth about $ 8 billion.