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Aequo acted as legal adviser to NJSC Naftogaz of Ukraine on the large-scale restructuring of Eurobonds worth approximately EUR 1.2 billion

02/ 08/ 2026
  Aequo acted as Ukrainian legal counsel to Naftogaz of Ukraine in connection with the successful restructuring of two series of Eurobonds with a total outstanding value of approximately EUR 1.2 billion (USD 1.4 billion). The transaction marks a key step in strengthening the financial resilience of Naftogaz and Ukraine’s energy sector amid the full-scale war. The agreed restructuring terms provide the company with greater financial flexibility to restore critical energy infrastructure, prepare for upcoming heating seasons, and secure sufficient gas reserves. The restructuring received the support of more than 90% of bondholders of each series. As a result, the maturity of the euro-denominated bonds has been extended to 2032, while the US dollar-denominated bonds will mature in 2033. Aequo provided comprehensive legal support on all aspects of Ukrainian law, working alongside Norton Rose Fulbright, which acted as Naftogaz’s international legal counsel. “The successful restructuring of Naftogaz’s Eurobonds sets an important precedent for future Ukrainian cross-border financing and liability management transactions. By extending the company’s debt maturities and preserving liquidity, the restructuring will enable Naftogaz to direct substantial financial resources towards restoring and protecting Ukraine’s energy infrastructure, strengthening the country’s energy security,” commented Yulia Kyrpa, Executive Partner at Aequo. The Aequo banking and finance team and capital markets team was led by Executive Partner Yulia Kyrpa and Counsel Oleg Krainsky. The working group included Senior Associates Dmytro Shudrenko and Yevhenia Chernetsova, and Associates Kostiantyn Dovhan, Sofia Voloshanivska, Daryna Zhuravel, and Maria Melnyk. Tax advice was provided by Executive Partner Denys Lysenko and Counsel Vasyl Mishchenko.  🔗 Read more about the project: https://aequo.ua/en/projects/aequo-vistupila-yuridichnim-radnikom-nak-naftogaz-ukrayini-u-masshtabnomu-proyekti-z-restrukturizaciyi-yevroobligacij-na-sumu-blizko-1-2-milyarda-yevro

Aequo acted as Ukrainian legal counsel to Naftogaz of Ukraine in connection with the successful restructuring of two series of Eurobonds with a total outstanding value of approximately EUR 1.2 billion (USD 1.4 billion).

The transaction marks a key step in strengthening the financial resilience of Naftogaz and Ukraine’s energy sector amid the full-scale war. The agreed restructuring terms provide the company with greater financial flexibility to restore critical energy infrastructure, prepare for upcoming heating seasons, and secure sufficient gas reserves.

The restructuring received the support of more than 90% of bondholders of each series. As a result, the maturity of the euro-denominated bonds has been extended to 2032, while the US dollar-denominated bonds will mature in 2033.

Aequo provided comprehensive legal support on all aspects of Ukrainian law, working alongside Norton Rose Fulbright, which acted as Naftogaz’s international legal counsel.

“The successful restructuring of Naftogaz’s Eurobonds sets an important precedent for future Ukrainian cross-border financing and liability management transactions. By extending the company’s debt maturities and preserving liquidity, the restructuring will enable Naftogaz to direct substantial financial resources towards restoring and protecting Ukraine’s energy infrastructure, strengthening the country’s energy security,” commented Yulia Kyrpa, Executive Partner at Aequo.

The Aequo banking and finance team and capital markets team was led by Executive Partner Yulia Kyrpa and Counsel Oleg Krainsky. The working group included Senior Associates Dmytro Shudrenko and Yevhenia Chernetsova, and Associates Kostiantyn Dovhan, Sofia Voloshanivska, Daryna Zhuravel, and Maria Melnyk. Tax advice was provided by Executive Partner Denys Lysenko and Counsel Vasyl Mishchenko

🔗 Read more about the project: https://aequo.ua/en/projects/aequo-vistupila-yuridichnim-radnikom-nak-naftogaz-ukrayini-u-masshtabnomu-proyekti-z-restrukturizaciyi-yevroobligacij-na-sumu-blizko-1-2-milyarda-yevro

This material is provided by a member company or partner organization of the European Business Association as part of an informational collaboration. The Association is not responsible for the accuracy, completeness, or reliability of the information presented. The views, opinions, and recommendations expressed in this material are solely those of the authors and do not reflect the official position of the European Business Association.

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