Attention to the details: why this case matters
The Commercial Court of Kyiv on 5 February opened proceedings in the bankruptcy case of LLC "YE Energy", whose beneficiary is listed as Dmytro Firtash. The initiator was LLC "Euroenergotrade" over unpaid debt of UAH 24.6 million. According to the judicial register, the company has no funds in its accounts and no assets, which complicates satisfying creditors' claims — therefore the court initiated bankruptcy proceedings.
What the court decided
Briefly, the key decisions:
- Opened proceedings in the bankruptcy case.
- Appointed an asset manager — arbitration manager Dmytro Kucheriavy.
- Introduced a moratorium on satisfying creditors' claims.
- Prohibited the debtor from reorganizing, liquidating, and disposing of fixed assets.
- The preliminary hearing is scheduled for 9 April 2026.
"As a result of enforcement actions, it was established that the debtor has no assets and no money in bank accounts to repay the debt."
— Commercial Court of Kyiv, judicial register
Context: how "YE Energy" ended up here
The company was previously one of the major energy suppliers in Ukraine. Until October 2020 it operated under the brand RGK Trading (Yegaz). In March 2021 "YE Energy" signed an agreement with NJSC Naftogaz of Ukraine that allowed it to buy gas at UAH 7.4/m³ — significantly cheaper than the market price — and resell it to commercial consumers. In October 2021 Naftogaz suspended that contract, citing risks of losses for the state company (amounts up to UAH 110 billion were mentioned), and in January 2022 the Antimonopoly Committee began an investigation.
Why this matters to the reader
This case is not only about the debts of a single company. It touches on three key interests:
- Energy security: supplier transparency and the stability of contractual schemes affect how the market functions and how vulnerable supplies are for industry and the state.
- Financial responsibility: mechanisms for recovering debts and the work of arbitration managers determine whether creditors can recover funds and whether these risks will fall on the state or consumers.
- Policy and oversight: the case shows how state bodies (Naftogaz, the Antimonopoly Committee, courts) interacted with major traders, and creates a precedent for future procedures involving other players.
What may happen next
The immediate next steps are the work of the arbitration manager and court hearings. The moratorium temporarily suspends satisfying creditors' claims, giving time to inventory assets. If there truly are no assets or funds, possible scenarios include: debt restructuring (if guarantors or new investors are found), liquidation of the company with subsequent distribution of recoverable assets, or prolonged litigation.
Analysis and forecast
Market analysts note that much of the problem is tied not only to a single operation or contract, but to the accumulation of legal risks and pressure on business models that relied on privileged supply conditions. For the state and regulator, this case is a test of the effectiveness of control mechanisms and restoring fairness in the energy market.
Questions that remain open: whether hidden assets or counterparties willing to assume obligations can be found; whether this decision will affect trust in counterparties still operating under similar schemes; and whether there will be consequences for those who made key contractual decisions in past years.
Conclusion
This is not a loud political statement, but a practical test of the tools meant to protect the market and consumers. the next hearing on 9 April 2026 may provide first answers — or open new questions about compensation, responsibility, and the role of state institutions in restoring market discipline.
