Naftogaz receives a record loan from the EBRD to purchase gas.

The EBRD and Naftogaz have signed a record-breaking €500M agreement that will allow Ukraine to replenish its gas reserves in preparation for the heating season, announced Prime Minister Yulia Svyrydenko.

This loan is the largest EBRD project in Ukraine and one of the largest in the history of the bank as a whole. The loan is being provided for the first time under an EU guarantee through the Ukraine Investment Framework program, which will not require a state guarantee from Ukraine. Naftogaz will use the funds raised to purchase gas on competitive terms from more than 30 suppliers.

The new financing from the EBRD comes after large-scale Russian attacks on Naftogaz facilities in the first half of 2025. This is the fourth EBRD financial package for the company since the Russian full-scale invasion of Ukraine commenced. The total amount of financing for Naftogaz from the EBRD has now reached €1.6B.

Natural gas reserves in Ukraine’s underground storage facilities exceeded 10 billion cubic meters on August 5, with the storage facilities only 32.3% full. Thus, this year’s reserves remain the lowest in at least the last 12 years, but the gap from last year’s pace is narrowing.