29.1 C
Tuesday, August 16, 2022

Film Academy Apologizes to Littlefeather for 1973 Oscars

https://ift.tt/utx5QLI 50 years after Sacheen Littlefeather stood...

California Pop-Up Clinics Offer Vaccinations Against Monkeypox

https://ift.tt/tmWdByG an effort to boost monkeypox vaccination rates,...

US Defense Chief Tests Positive for COVID

https://ift.tt/IxPq3Di. Defense Secretary Lloyd Austin said Monday...

Ukrainian energy giant defaults on debt

Naftogaz has failed to make payments on its Eurobonds

Ukraine’s state-run energy company Naftogaz defaulted on its foreign debt, the firm announced on Tuesday.

Naftogaz was unable to make payments on Eurobonds before a grace period expired, the company said a statement on Telegram, adding that it “has not received consent from the cabinet of ministers of Ukraine to make the necessary payments”.

The Ukrainian government earlier prohibited payments, due on July 19, on its Eurobonds maturing in 2022 and 2024, citing the country’s need to accumulate natural gas in sufficient quantities before the upcoming heating season.

Naftogaz claims it had sufficient funds to carry out payments on its Eurobonds, and that it warned the government of “the risks and negative consequences for Naftogaz and the country” of a possible “hard default.” However, according to the firm’s Telegram statement, the government’s effective “ban” on payment means that “the government defaulted on Eurobonds of Naftogaz”.

Read more

FILE PHOTO: Yulia Timoshenko, an Ukrainian MP and the head of the 'Fatherland' party.
Ukrainian MP reveals ‘scam of the century’

Earlier this month the energy giant requested a two-year debt payment freeze from its international creditors, citing a “significant economic and business decline in Ukraine” caused by the ongoing conflict with Russia. The request was reportedly rejected. Naftogaz has a $335 million bond issue that matured on July 19, as well as two interest payments that were due on the same date. The proposal sparked fears that the company, and the government, were about to default on their debts.

Naftogaz is Ukraine’s largest state-owned oil and gas company and a major source of income, accounting for almost 17% of the country’s budget revenue last year.

For more stories on economy & finance visit RT’s business section

https://ift.tt/VEYvzw0 27, 2022 at 03:57PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles