EBRD refuses to provide finance to Ukrainian energy company DTEK as it is owned by oligarch

The European Bank for Reconstruction and Development (EBRD) has categorically stated that it will not provide financing to Ukrainian companies controlled by oligarchs, including Ukrainian energy company DTEK.

Source: Italian newspaper Corriere della Sera, quoting EBRD President Odile Renaud-Basso

Quote from Odile Renaud-Basso: "The goal of making Ukraine's economy free from the influence of oligarchs is fundamental. We are firmly committed to this, as it is one of the key reforms for Ukraine's accession to the EU. If we compromise on this issue, we will harm the country's long-term prospects."

The EBRD president insists that Rinat Akhmetov, who owns the DTEK energy holding company, must give up control over it.

Quote from Odile Renaud-Basso: "There needs to be a change in the ownership structure as well as broader reforms. The war has weakened the influence of the oligarchs, but the situation may change after the war is over."

Background: 

• Russia's missile strikes over the weekend of 17 November hit three of the five operating thermal power plants owned by Ukrainian energy giant DTEK, with one still out of commission. Distribution stations were also targeted.
• Ukraine's power grid is at an "increased risk of catastrophic failure" after Russia's missile and drone attack on Sunday.

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