Bloomberg: Gazprombank Claim Thwarted as Naftogaz Says Gas Isn’t in Ukraine

A claim by Russia’s Gazprombank on about 40 percent of the gas in Ukraine storage is set to be foiled as state-run NAK Naftogaz Ukrainy says it has only a fraction of the fuel.

Gazprombank claims the 5.68 billion cubic meters of gas as backing for a $842.5 million loan to chemical producer Ostchem Holding Ltd. controlled by Ukrainian billionaire Dmitry Firtash.

Firtash was detained this year in Vienna on a U.S. warrant for charges including bribery, which he denies. Gazprombank has demanded early repayment of the loan by Dec. 30 because of Ostchem’s inability to meet its obligations, the Russian lender said on Dec. 15. MORE