Ukraine Needs $2.9 Billion to Buy Gas in 2025, National Bank Says

On April 25, 2025, Ukraine’s National Bank announced that the country requires $2.9 billion to fund gas imports in 2025, following damage to domestic gas production facilities from missile and drone attacks earlier this year. The attacks, which occurred in late winter and early spring, reduced gas production in eastern Ukraine by at least 40%, though some capacity has since been restored.

Gas pipes are pictured at a gas-measuring station near Uzhhorod, Ukraine, May 27, 2015.

The National Bank stated: “Over the forecast horizon, production will gradually recover, but it will not be enough to fully cover the domestic needs of the economy - industry, utilities and households.” While Ukraine previously relied on domestic gas to meet its needs, the current shortfall necessitates imports to support various sectors.

The bank projects that import costs could decrease to $1.1 billion in 2026 and $0.4 billion in 2027 as production recovers. To offset expenses, Ukraine expects partial financial assistance from international partners. Recently, the country has been importing up to 10 million cubic meters of gas daily to replenish storage facilities.

Naftogaz, Ukraine’s state oil and gas company, is negotiating with the government and international financial institutions to secure 1 billion euros for purchasing over 2 billion cubic meters of gas for the 2025/26 heating season. Although Naftogaz did not specify the total import volume needed for 2025, a former head of Ukraine’s gas transit operator estimated a potential requirement of up to 6.3 billion cubic meters, citing record-low reserves.

These efforts reflect Ukraine’s focus on ensuring energy security for its industries, utilities, and households. By collaborating with international partners and optimizing import strategies, the country aims to address immediate energy demands while working toward long-term recovery of its domestic gas production capacity.