Dragon Capital wrote in a note:

 “This breach of corporate-governance standards is likely to create a new point of tensions with international financial institutions and Ukraine’s other Western partners…Naftogaz is set to experience a turbulent period, as the new CEO is likely to move to rid the management team of Kobolev allies.”

Firing by the Cabinet “contradicts the requirements of Ukrainian law,

” reads a letter signed yesterday by members of the Naftogaz Supervisory Board. Noting that the Board has power over personnel decisions, the letter charges that the Cabinet’s move “seriously jeopardizes the business continuity of the Naftogaz Group, as well as the implementation of the corporate governance reform in the public sector of Ukraine’s economy.” Written during the Board’s 2-day suspension, the letter is signed by Clare Spottiswoode as “Ex-Chair of the Supervisory Board.”