The Cabinet of Ministers of Ukraine ordered NJSC Naftogaz of Ukraine to coordinate with the government any actions to fulfill the main agreement with Kondor Finance, which is the issuer of Naftogaz Eurobonds. The corresponding order No. 625-r of July 21 was published on the government website.

“Joint-Stock Company “National Joint-Stock Company “Naftogaz of Ukraine”, in particular its officials and other authorized persons, are obliged to take any actions to fulfill the current main transaction with Condor Finance Pi. email. si. (Kondor Finance plc) after a separate approval of such actions by the Cabinet of Ministers of Ukraine,” the document says..

In particular, the government noted that the work of the Naftogaz board is unsatisfactory due to the failure to conclude an agreement with Kondor Finance regarding amendments to loan agreements in the amount of more than UAH 3 billion.

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Recall, NJSC Naftogaz, through Kondor Finance, asked the owners of its Eurobonds to allow them to defer loan payments for two years..

In response, consultants to Naftogaz's creditors called for the company's request for a two-year freeze on debt repayments to be rejected, noting that the company is viewed as a profitable enterprise..