Ukraine lost billions due to the halt of gas production at one of its fields.

The Asset Recovery and Management Agency reported that due to the revocation of the gas production license at the Sakhalin field in December last year, the state suffered losses estimated at 3 billion hryvnias.

"Revoking the special permit for gas production in December last year was not only a violation of national interests but also caused significant damage to the state. Under the management agreement with ARMA, at least another 1 billion hryvnias could have been added to the state budget, as well as taxes and other local fees. The total amount of losses is estimated at approximately 3 billion hryvnias," said ARMA head Olena Duma.

ARMA has already approached law enforcement agencies to hold those responsible accountable for the damage caused.

The former owners of the Sakhalin field, JKX Ukraine B.V., filed an appeal with the High Anti-Corruption Court (HACC) to lift the seizure of their property.

"On Thursday, August 8, the High Anti-Corruption Court will consider the application of the former owners of the Sakhalin field to lift the property seizure and transfer property rights to ARMA," said the head of the agency, Olena Duma.

Duma emphasized that ARMA is ready for this hearing and "will continue to defend the interests of the state".