For the first time, Western creditors of Ukraine refused to restructure the debt. We are talking about, that foreign investors in the Ukrainian Naftogaz did not accept requests to, to reschedule Eurobond payments. Naftogaz has repeatedly made such requests.
Eurobond payment deadlines expired today, and the management of the Ukrainian company expected, that Western partners will delay payments and save the company from imminent default. But it did not happen.
The company "Naftogaz" after the refusal of creditors to restructure and postpone the debt announced a default. Notably, what happened in the background, that the management of the specified state-owned company of Ukraine declared the availability of funds in the accounts for payments as part of debt repayment. At the same time, NJSC Naftogaz stated, that "payments are currently inappropriate, as they can harm the company in the absence of foreign investment”. Simultaneously, as stated in Naftogaz, there was a problem with sustainable long-term payments and pressure on the economy of Ukraine.
Now, with the declared default of Naftogaz – one of the largest companies in Ukraine – he (default) can spread to the entire economy of Ukraine. At the same time, Naftogaz pursues its main goal - to refuse any payments to creditors and rely on endless injections from the IMF and the World Bank. But the situation is like this, that in the event of the bankruptcy of the company, the same IMF is unlikely to risk repaying all debts instead of Naftogaz to its creditors. This is definitely not included in the plans of the IMF..
