Ukrayina NRB to Be Additional Operator of Gazprom Bonds

Following the liquidation of Bank Ukrayina, the Ministry of Finance has appointed the Kyiv-based Ukrayina National Reserve Bank as another agent to pay and service the Ukrainian foreign treasury (so-called Gazprom) bonds issued in 1995. The Russian National Reserve Bank is expected this week to complete the transfer of Gazprom bonds with a face value of $16 million to the Ukrayina NRB where they will be kept and accounted for. The bank is now conducting talks with the Ukrainian holders of these securities (Interfax-Ukraine reports these are the Nadra, ING- Ukrayina, and Brokbiznesbank Banks). The Ukrayina NRB is also to take part in the financial schemes aimed at paying off Ukrainian natural gas debts to Russia. The Russian National Reserve Bank is one of Ukraine’s largest private creditors. The bank owns Ukrainian eurobonds with about $480 million face value.