KIEV, Sept. 4 – President Viktor Yushchenko urged the government on Thursday to approve emergency financing for Naftogaz Ukrayiny, the national oil and gas company, to avoid the company’s looming default on debt this year.

Naftogaz, which has been buying expensive Russian natural gas and re-selling it at lower prices to households, is facing 10.5 billion hryvnias, or $2.2 billion, in deficit, he said.

“So, Naftogaz Ukrayiny is under threat of default on its debt obligations,” Yushchenko said in a letter to the government. “Unfortunately, the government’s response to the situation does not allow preventing the threat.”