In short: "Naftogaz" has agreed not to pay over a billion euros for another seven to eight years. But behind this line lies a reason that directly determines how much gas Ukraine will have next winter and at what price.
What was signed and with whom
On June 9, 2025, the Naftogaz Group reached agreements in principle with a special committee of holders of two series of eurobonds — totaling approximately 1.2 billion euros. The euro series has been extended to January 2032, the dollar series — to January 2033. The previous maturity dates were set for 2026 and 2028.
"We have reached an agreement in principle with the special committee of bondholders on extending the maturity of eurobonds to 2032–2033."
Sergiy Koretsky, Chairman of the Board of NAK Naftogaz of Ukraine
This is already the second restructuring of the company's commercial debt during the full-scale war. The first — in 2022–2023 — concerned bonds with maturity dates in 2022 and 2026 and gave Naftogaz a two-year extension.
Why now — and why this is not simply "postponement"
According to Koretsky, in 2025 alone Russians carried out 229 strikes on Naftogaz facilities — more than in the previous three years of full-scale war combined. The result is direct: the company lost part of its own gas production and is forced to compensate for the deficit through imports.
According to Focus.ua, in 2025 gas imports to Ukraine increased to 6.47 billion cubic meters, and the average price of imported gas in the first half of the year was $508 per thousand cubic meters — 66.6% more than a year earlier. NAK Naftogaz of Ukraine was the largest importer. Meanwhile, the company's net profit for 2025 fell to 1.6 billion hryvnia — 14.5 times less than in 2024 (23.9 billion hryvnia).
In this context, restructuring is not a financial trick, but a direct consequence of what the attacks did to the company's balance sheet. Deferred payments are to go towards infrastructure restoration and preparation for the heating season.
What this means for consumers and state finances
Naftogaz is not an abstract corporation: it supplies gas to the population and thermal utilities throughout the country. A financial collapse of the company would automatically mean either default or emergency assistance from the state budget — in both cases at the expense of taxpayers or utility consumers.
The owners of Naftogaz eurobonds are mostly institutional investors — pension funds, insurance companies and banks from the United States, Great Britain and EU countries. For them, postponement means delayed, but not written-off income. The company, meanwhile, maintains access to external capital markets — without a technical default in its credit history.
- 1.2 billion euros — the amount of restructured debt
- 229 strikes on facilities — only in 2025
- $508/thousand cubic meters — average price of imported gas in the first half of 2025
- 14.5 times — the fall in NAK net profit in 2025 compared to 2024
What comes next
The agreement in principle still requires legal documentation and formal approval from bondholders. The question is not whether the vote will pass — based on previous experience from 2022–2023, investors agree when the alternative is default. The question is different: if attacks on gas infrastructure in 2026 exceed the pace of 2025 — and it is already record-breaking — will Naftogaz retain enough of its own production to approach 2032 solvent, rather than with a third restructuring?
