Volodymyr Omelchenko, the director of energy programs at Razumkov Center, believes that the default of Naftogaz and the very rumours about its default create risks for the country's investment rating, because Naftogaz is a key Ukrainian company.

He shared his opinion in the air of Espresso.

"Indeed, Naftogaz raised large funds, but these funds were intended for gas production projects. The idea was that the funds are taken and invested in gas production, as a result of the increase in domestic gas production, loans are repaid, and Naftogaz also earns some profit. But the increase in gas production has not happened, even in the pre-war period, and now, overall production is decreasing quite rapidly: this year, it fell by 10%. Accordingly, Naftogaz has no sources to repay the loans," the energy expert said.

Volodymyr Omelchenko noted that the best option would be to restructure Naftogaz's debts, but it is difficult to say whether investors will agree, and serious negotiations should be started with creditors on this issue.

"The default of Naftogaz and the rumours themselves create risks for the country's investment rating, because Naftogaz is the key largest Ukrainian company. Naftogaz is state-owned, so, it is the government's responsibility. When the manager is bad, the company's management should be changed and an appropriate supervisory board should be created, for the company to be managed better. If Naftogaz defaults, it will be a serious reason for Shmygal's removal from prime minister’s office, along with the whole government," Mr. Omelchenko said.