Ukraine Arrests Naftogaz’s Bakulin

Ukraine’s authorities are holding a corruption investigation in the energy sector that led to the detention of Naftogaz’s Chief Executive Yevhen Bakulin. 

The police arrested Bakulin on Friday as part of the investigation, which also brought Ukraine’s former Energy Minister Eduard Stavytsky behind the bars.

Bakulin is accused of corruption.

Ukrainian authorities believe that his behaviour could have cost the state about $4 billion.

Bakulin managed the negotiation with Gazprom that led to an agreement last July. In that occasion, Naftogaz accepted Gazprom's request to increase the gas stored in Ukraine.