EU allocates $500 mln for Naftogaz

National Joint Stock Company Naftogaz of Ukraine has received $500 million in its account, planning to use the money for the purchase of natural gas from Russia during the heating season, according to Naftogaz chief Andriy Kobolev.

"The money is already in the account of Naftogaz, a special account in a state bank. It is reserved for the purchase of gas from Gazprom," said Kobolev at a press conference on Monday.

He noted that the funds would be used for purchasing certain amounts of gas.

"We will be spending the money gradually, as needed. Exactly how we did last year," said the Naftogaz chief.