The European Bank for Reconstruction and Development (EBRD) has extended a €500m ($585m) loan to Ukrainian gas company Naftogaz to finance emergency gas purchases.
This move is aimed at bolstering Ukraine's energy security, which has been severely impacted by targeted attacks from Russia throughout the year.
The loan represents the EBRD's largest single loan facility in Ukraine and is backed by a 90% EU guarantee under the Ukraine Investment Framework. The framework is designed to facilitate Ukraine's recovery and long-term growth.
Naftogaz suffered substantial production losses due to major Russian attacks on its gas production and processing facilities in the first half of 2025 (H1 2025).
As the company works to rebuild its operations, the need for increased gas imports has become more pressing.
This latest financial support is the fourth package the EBRD has delivered to Naftogaz since the onset of the full-scale war initiated by Russia in 2022.
The total financing from the bank to Naftogaz now stands at €1.6bn, including €1.27bn in loans and €330m in grants from Norway, channelled through the EBRD.
In addition to addressing immediate needs, the transaction also aims to support Naftogaz's reform objectives, which include integrating the Ukrainian gas market with the EU's.
Naftogaz plans to source natural gas from 30 pre-qualified suppliers, adhering to the standards set by the European Federation of Energy Traders.
As Ukraine's largest institutional investor, the EBRD has invested more than €8bn in the country since the war began.
Its investment priorities in Ukraine are focused on energy security, vital infrastructure, food security, trade and the private sector.
The Ukraine Investment Framework is a component of the EU's €50bn Ukraine Facility, which seeks to draw public and private investments for Ukraine's reconstruction.
With financial instruments totalling €9.3bn, including loan guarantees and blended finance, the framework aims to mobilise €40bn for the nation's recovery and modernisation.
Furthermore, Naftogaz Group has signed a deal with SOCAR Energy Ukraine to import Azerbaijani natural gas.
This agreement marks the first test shipment of gas to be delivered through the Transbalkan route traversing Bulgaria, Romania and Ukraine.
