Where did the billions go, and why did Alexey Chernychev leave?

The parliamentary investigative commission (PIC) has launched an investigation into financial fraud at "Naftogaz".

It has come to light that from 2020 to 2024, the "Operator of the Gas Transmission System of Ukraine" transferred approximately 48 billion UAH to "Naftogaz", which accounted for a third of its total income. This money was obtained from the transit of Russian gas to Europe, yet "Naftogaz" did not account for these funds in its revenues, failing to pay taxes and dividends, writes Glavkom.

According to the PIC, this scheme was initiated back in 2019 when a new transit contract was adopted. At that time, "Naftogaz" was supposed to completely lose revenues from transit after unbundling (separation of the Gas Transmission Operator), but in return, it reserved 30% of the income for itself. The IMF deemed such transfers illegal and demanded their cessation; however, the payments continued.

A separate issue is the sharp increase in transportation tariffs for gas. Initially, they were raised in 2020 when Ukraine was preparing for a potential zero transit scenario. Even after the extension of the contract with "Gazprom", the elevated tariffs remained in place, creating additional financial pressure on consumers.

In December 2024, just before Ukraine's decision to stop transiting Russian gas, the National Commission for State Regulation of Energy and Public Utilities (NERC) drastically increased tariffs again – by more than four times. This had a negative impact on Ukrainian gas production companies, although prices for the population remained unchanged due to a military moratorium.

Interestingly, during this same period, the head of "Naftogaz", Alexey Chernyshov, unexpectedly resigned, which appears to be an attempt to evade responsibility. He transitioned to a new government position as the Minister of Unity.

The PIC continues its investigation, demanding explanations from NERC and "Naftogaz". If the 48 billion UAH were not lost, then why are tariffs being raised so sharply now? There are no answers yet.

Previously, we reported that the heating season will end, and bills will rise: what utility tariffs might increase in the spring?

Pockets will be emptied completely: Ukrainians will see a sharp increase in bills – by as much as 65% – read more on Znai.ua.