A EUR 270 million agreement to finance emergency gas purchases for Naftogaz inked: Ministry of Finance

Today, in Washington, D.C., USA, Ukraine and the European Bank for Reconstruction and Development (EBRD) signed a Guarantee Agreement for the project “Emergency Gas Purchase Financing for Naftogaz of Ukraine (III).” The project provides EUR 270 million to support the company’s operational resilience and liquidity.

The signatory on behalf of Ukraine was Prime Minister of Ukraine Denys Shmyhal, and on behalf of the EBRD - President Odile Renaud-Basso.

“Today, the EBRD remains Ukraine’s largest institutional investor and plays a crucial role in the country’s reconstruction. Thanks to close cooperation with the Ukrainian Government, the Bank has helped ensure stable operation and recovery of key critical infrastructure. Energy projects are especially important, as russia’s full-scale invasion has severely damaged Ukraine’s energy system. This agreement will help secure vital resources for a stable heating season in 2025–2026,” said Ukraine’s Finance Minister Sergii Marchenko after the signing.

Also in Washington, Prime Minister Denys Shmyhal met with EBRD President Odile Renaud-Basso. Finance Minister of Ukraine Sergii Marchenko also participated at the meeting.

Key topics of the meeting included the results of last year’s cooperation, 2025 funding priorities, and the current EBRD project portfolio in Ukraine’s public and private sectors.

Ukraine’s Minister of Finance thanked the EBRD President for the Bank’s steadfast support since the beginning of the full-scale russian invasion and for significantly increasing investments to support both ongoing and new projects.

As of April 2025, total EBRD financing to Ukraine exceeds EUR 22 billion. Since the start of the full-scale war, Ukraine has received over EUR 6 billion in EBRD investments, much of it directed toward supporting the energy sector, which has suffered heavy damage from russian attacks.

The EBRD’s current public sector portfolio includes 12 projects totaling EUR 2.4 billion, with 60% of that directed toward the energy sector. Since 2022, public sector cooperation has focused on sustaining liquidity and resilience of key critical infrastructure enterprises, totaling EUR 1.2 billion in support — including EUR 500 million for emergency gas purchases to ensure uninterrupted heating seasons between 2022 and 2025.

To strengthen Ukraine’s energy security and stabilize its power transmission system, the EBRD allocated around EUR 600 million to support the liquidity and resilience of Ukrenergo between 2022 and 2024.

During the meeting, both sides identified priority areas for future investment: infrastructure restoration, enhanced energy security, and continued support for both public and private sectors.

President Renaud-Basso reaffirmed the EBRD’s strong and consistent commitment to supporting Ukraine.