Naftogaz Ukrainy has confirmed the decision to postpone placement of five-year eurobonds was made due to unfavorable market conditions.

"We've decided to postpone the placement of Naftogaz eurobonds: market instability and the high potential cost of raising funds in international markets make the issuance of five-year debt obligations impractical," Naftogaz board chairman Andriy Kobolev said on Facebook.

"We continue monitoring the market situation, we plan to return to the issue of placing on foreign markets under more favorable conditions," he added.

Earlier, on November 14, a source in the financial market told Interfax-Ukraine that Naftogaz had postponed the placement of five-year eurobonds due to unfavorable market conditions.