EBRD Amplifies Support for Ukraine's Energy Sector Amidst Russian Strikes

The European Bank for Reconstruction and Development plans to bolster its support for Ukraine's state oil and gas company, Naftogaz, following intensified Russian attacks on Ukraine's energy infrastructure. Additional funding and grants are considered to maintain gas imports and energy resilience this winter.

The European Bank for Reconstruction and Development (EBRD) is planning to enhance its support for Ukraine's state oil and gas company, Naftogaz, after Russian air strikes targeted the energy infrastructure. These coordinated attacks forced Ukraine to temporarily halt operations at several major gas facilities earlier this month.

Ukrainian President Volodymyr Zelenskiy highlighted the potential need for $2 billion in gas imports from Europe, the U.S., and Azerbaijan to counter the energy crisis this winter. EBRD President Odile Renaud-Basso confirmed the bank's commitment to stepping up support by utilizing its revolving credit line to facilitate Naftogaz's upfront gas purchases.

The EBRD has already provided Naftogaz with 1.67 billion euros, including investments and grants, and plans further aid while mobilizing additional grant funds. Despite the ongoing conflict and challenges in energy supply and human resources, Ukraine's economy continues to demonstrate resilience, with sectors from agribusiness to logistics maintaining investment activities.

(With inputs from agencies.)