- This urgent winter financing strengthens Ukraine’s energy resilience amid continued attacks on critical infrastructure
- The operation builds on the EIB’s earlier €300 million loan and the €127 million EU grant enabled through Norway’s Ukraine Facility contribution to replenish Ukraine’s long-term gas
- Funding linked to future reinvestment by Naftogaz in clean energy and decarbonisation
- Backed by the European Commission under the EU’s Ukraine Investment Framework.
The European Investment Bank (EIB), the bank of the European Union, has signed long-term financing of €50 million with Ukraine’s state-owned energy utility, Naftogaz as an urgent winter response to sustain the country’s energy system by importing natural gas.
The funds will help safeguard heating and energy supply for households, critical services and businesses as temperatures drop sharply across Ukraine and pressure on the energy system increases amid continued attacks on energy infrastructure.
This operation builds on the EIB’s earlier €300 million loan to Naftogaz, as well as the broader €127 million EU grant support for gas procurement enabled by the Government of Norway through its Ukraine Investment Framework contribution. It reinforces a coordinated EU response to Ukraine’s most urgent energy needs. In parallel, Naftogaz commits to reinvesting an amount equivalent to the EIB financing into renewable energy and decarbonisation projects, ensuring that immediate energy security goes hand in hand with long-term green transition objectives.
The financing forms part of the EIB’s Ukraine Energy Rescue Plan and is embedded in a coordinated Team Europe approach. The loan is made possible by the European Commission under the derisking of the EU’s Ukraine Investment Framework, it contains safeguards against the import of Russian gas and requires the beneficiary to keep upholding transparency and good governance practices.
EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine, commented: “As winter temperatures in Ukraine fall to minus 20 degrees and below, hundreds of thousands of people are being left without electricity, heating, water and the basic conditions needed for everyday life. By extending our existing €300 million support with an additional €50 million, we are acting quickly and decisively when it matters most — to protect communities, maintain essential services and strengthen Ukraine’s energy resilience in the face of continued attacks.”
European Commissioner for Enlargement Marta Kos emphasized: “The news coming from Ukraine every morning is horrific. What Russia is doing is state terror. This is beyond war. People are freezing to death. Many are fleeing Kyiv and other cities. The EU has worked closely with Ukraine to stabilise the energy system, but the scale of Russian attacks is such that Ukraine urgently needs more. This €50 million emergency loans is one of many additional measures. We are looking into all possible options to help Ukrainians.”
Norwegian Foreign Minister Espen Barth Eide emphasized: “Norway and the EU stand together to secure Ukraine’s energy supply this cold winter. Gas is essential to ensure that the Ukrainian population has electricity, heating and can maintain its resilience.”
Sergii Koretskyi, Chief Executive Officer of Naftogaz Ukraine, said: “This financing enables us to swiftly import gas and support the stability of the energy system amid winter conditions and ongoing attacks. We are grateful to the European Investment Bank, the European Commission and our international partners for their consistent and timely support for Ukraine.”
Background information
The European Investment Bank is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. Present in Ukraine since 2007, the EIB has stepped up its financial support for the country’s resilience and modernisation since Russia’s full-scale invasion in 2022. Since then, the EIB has provided €4 billion in financing. Through its EU for Ukraine (EU4U) Initiative, coupled with its key role in implementing a dedicated window of the Ukraine Facility, the EIB is strongly committed to accelerating its activities in line with the mandate given by EU leaders, in close cooperation with the European Commission, the European Parliament, Member States and international partners.