Bank guarantee requirements
In order to reduce financial risks and ensure proper performance of procurement procedures and procurement contracts by the participants, Naftogaz Group establishes requirements for banking institutions that provide bank guarantees in favor of Naftogaz Group companies.
Requirements towards resident banks of Ukraine:
- a resident bank of Ukraine, in which the state directly or indirectly owns a share of more than 75% of the bank’s share capital, or
- a resident bank of Ukraine, which has a long-term credit rating under the national rating scale not lower than "uaAAA" (if no rating for banks of foreign banking groups is assigned under the national rating scale, the rating of the parent foreign banking groups from one of the rating companies, such as Fitch, Moody's, S&P shall be not lower than hight credit quality (A- or higher one));
- the bank is not subject to sanctions of states or intergovernmental organisations that fully or partially restrict and/or prohibit and/or may adversely affect the fulfilment by the bank of its obligations to ensure the procurement procedure and/or to ensure the execution of the contract, in particular, the relevant sanctions of the National Security and Defence Council of Ukraine (in accordance with the Law of Ukraine “On Sanctions”), the Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury and the European Commission of the European Union.
Requirements towards foreign banks:
- a foreign bank, which has a credit rating of one of the rating companies, such as Fitch, Moody's, S&P, not lower than hight credit quality (A- or higher one);
- the bank is not subject to sanctions of states or intergovernmental organisations that fully or partially restrict and/or prohibit and/or may adversely affect the fulfilment by the bank of its obligations to ensure the procurement procedure and/or to ensure the execution of the contract, in particular, the relevant sanctions of the National Security and Defence Council of Ukraine (in accordance with the Law of Ukraine “On Sanctions”), the Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury and the European Commission of the European Union.
Indicative list of reliable resident banks of Ukraine
To check the credit rating of a resident bank of Ukraine, the official websites of banks and/or websites of independent rating agencies can be used:
- Fitch Ratings
- Moody's Investors Service
- Standard and Poor's
- “Credit-Rating Agency” Ltd
- “Rating Agency “Expert-Rating” Ltd
- “ІBI-Rating” Ltd
- Rating Agency “Standard-rating” Ltd
- National Rating Agency “Rurik” Ltd
| Template of advance payment guarantee for foreign banks |