European Banks Secure Ukraine's Energy Amid Conflict

European development banks and Ukraine's Naftogaz unite to bolster Ukraine's gas supply as Russian attacks continue. The EIB issues additional grants, and Ukraine faces a corruption probe in its energy sector, prompting ministerial dismissals.

In an effort to fortify Ukraine's energy supply amidst ongoing Russian aggressions, Europe's leading development banks have joined forces with Naftogaz. This collaboration was announced on Thursday, promising substantial financial aid to ensure a steady flow of natural gas to Ukraine.

Providing deeper support, the European Investment Bank (EIB) disclosed an EU grant of 127 million euros alongside a substantial 300 billion euro loan. Additional financial contributions aim to enhance Ukraine's drinking water, wastewater treatments, and social housing projects.

Meanwhile, Ukraine's energy sector faces scrutiny under a corruption investigation implicating Energoatom and threatening cabinet positions, with the scandal centered on procurement manipulations. The situation underscores the challenges facing Ukraine's strategic energy resources.

(With inputs from agencies.)