EBRD Approves €270 Million Loan to Naftogaz to Strengthen Ukraine’s Energy Security

The European Bank for Reconstruction and Development (EBRD) has granted a €270 million loan to Ukraine’s state-owned gas company, Naftogaz, to support urgent gas procurement for the upcoming two heating seasons. The sovereign-backed loan is complemented by an additional €139 million grant from Norway, financed under the EBRD Crisis Response Special Fund.

A Continued Commitment to Ukraine's Energy Stability

Since Russia's invasion in 2022, the EBRD has made more than €2 billion of investments in Ukraine's energy sector, keeping critical energy supplies flowing to millions of citizens and businesses despite persistent attacks on infrastructure. The investments have benefited state-owned companies such as Naftogaz and private firms under challenging wartime circumstances.

Flexible Emergency Procurement

Given the volatile situation, Naftogaz, Ukraine’s supplier of last resort must remain ready to procure additional gas imports as necessary. The timing and scale of purchases will be dictated by the course of the war and other operational needs.

Building on Prior Support

With this new funding, the EBRD’s total loans to Naftogaz have reached €770 million since 2022. Previously, Naftogaz secured two EBRD loans worth €500 million, supported by €275 million in guarantees from countries such as the United States, Norway, Germany, France, Canada, and The Netherlands. Norway had previously contributed €187 million in grant funding for emergency gas procurements.

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Norway’s Expanding Role in Ukraine’s Energy Resilience

With the latest contribution, Norway’s total wartime support for Ukraine’s energy sector through the EBRD has now reached €460 million, highlighting its key role in bolstering Ukraine’s energy resilience amid conflict.