Euronews and the National Television Company of Ukraine, the national television broadcaster in Ukraine, signed an agreement in October 2010, according to which the Ukrainian broadcaster undertook to pay annual license fees. In 2012-2013 the project was partially subsidized by the government.
Euronews Ukraine has been loss-making and was not subsidized by the 2014 national budget, which resulted in an accumulated debt to Euronews, estimated as of October 2014 to have reached 10 billion euros (almost $12 billion).
According to the decision of the Cabinet of Ministers, Ukraine's Ministry of Finance is responsible for allocating funds from the 2015 budget to pay off the National Television Company of Ukraine's debt to Euronews.
The decision to close down Euronews Ukraine will allow the National Television Company of Ukraine to invest in other projects providing news services, according to the resolution.
The Television Company of Ukraine ceased broadcast of the Russian version of the Euronews channel in August 2014.
