KYIV, July 26 – Naftogaz Ukrayiny has announced a default on its Eurobonds due to the government's refusal to agree on payments on them.

"The deadline for payments to holders of Naftogaz Eurobonds expired on July 26 without payment taking place," the company said in a press release published on Tuesday evening.

Naftogaz said that the Ukrainian Cabinet of Ministers had earlier on July 21 issued order No. 625-r obliging Naftogaz officials to seek Cabinet approval before executing any transactions related to the company's eurobonds.