Avellum has advised the Ministry of Finance of Ukraine on a CAD 500 million 10-year loan from Canada. Sayenko Kharenko and Borden Ladner Gervais reportedly advised the lender.
Ukraine: Notarial and Registration Legislation Updated
On 28 April 2022, Resolution of the Government of Ukraine “On Amendments to Certain Resolutions of the Government of Ukraine on Notaries’ Activity and Functioning of Unified and State Registers Held by the Ministry of Justice, during Martial Law” No. 480-2022-p, dated 19 April 2022 (“Resolution”), entered into force, amending several previously adopted resolutions (as described in the Legal Alert, dated 29 March 2022).
Increased Tax Rates for Ukrainian Businesses Related to Russia
Ukrainian Parliament currently considers bill No 7232 that increases tax rates for Ukrainian businesses related to Russia (the “Measure”). The aim of the bill is to discourage corporations from Russian business activities. If successful, it should decrease Russian fiscal revenue, which will leave Russia with less funds available for warfare. There is, obviously, a huge social request and support for such measures. However, actual effect of the bill is far not that definitive.
Avellum Advises Kernel on USD 210 Million Sale of Farmland
Avellum has advised Kernel Holding on the sale of several of its farming entities to a company controlled by Andrii Verevskyi.
Exploring The Decrease in the Number of Ranked Firms in Ukraine
According to the CEE Legal Matters CEE By The Numbers report, between 2019 and 2021, Ukraine saw a large decrease in the number of ranked law firms and lawyers at ranked firms. While in 2019 the number of Ukrainian law firms ranked by Chambers & Partners and Legal 500 was 95, in 2021 the same number decreased to 69. Similarly, the number of ranked-firm lawyers decreased from 1,579 in 2019 to 1,338 in 2021. The decreasing trend is particularly visible in comparison to other CEE countries.
Diia City in a Nutshell
In 2021, the President of Ukraine had signed two laws establishing a special legal and tax regime for the digital economy called Diia City. It has become effective from January 1, 2022, after the law shaping the taxation regime of Diia City has become effective.
Sayenko Kharenko Advises French Development Agency on EUR 300 Million Credit To Support Ukraine
Sayenko Kharenko has advised the French Development Agency on a EUR 300 million credit facility agreement to service Ukraine's financial, economic, and humanitarian needs.
Avellum: Statement on Foreign Corporations in Russia
Avellum, April 12, 2022: Today the whole world is witnessing unheard brutality and cynicism of the Russian military aggression against Ukraine. The war that Russia started targets not only military facilities in Ukraine, but civil objects, hospitals, schools, residential, and office buildings. The mass genocide of Ukrainians has intensified, Russian invaders no longer even try to conceal their atrocities against civilians and carry them out in front of the entire world.
Confiscation of Russian Property in Ukraine
One of Ukraine’s legal responses to Russia’s full-scale aggression was a legislative initiative aimed to confiscate the property of the aggressor state. On 3 March, the Ukrainian Parliament put this initiative into practice by adopting the Law of Ukraine “On Basic Principles of Confiscation of Property Held in Ukraine by the Russian Federation and its Residents” (“Law”), and on 10 March, the Law was signed by the President.
Ukraine v Russian Federation: ICJ Orders Russia to Cease Military Aggression in Ukraine
On March 16, the International Court of Justice (ICJ) delivered its order on Ukraine’s request for indication of provisional measures against Russia.
Ukraine v. Russian Federation: International Court of Justice Starts Hearings
On March 7, or the 12th day of Russia’s all-out war against Ukraine, the International Court of Justice (ICJ) held the first hearing in the “Ukraine v. Russian Federation” case.
Avellum: Statement on the Russian War Against Ukraine
On 24 February 2022, Russia started a full-scale invasion of Ukraine, being part of its aggression against our country commenced in 2014. Europe has not seen armed conflicts of such scale and brutality for decades. Reliable evidence confirms that Russian troops are making indiscriminate attacks including air raids, ballistic missile strikes and bombings. Residential housing, utilities, critical infrastructure are being destroyed all over Ukraine. The United Nations reports at least 240 civilian casualties and 64 deaths in Ukraine as of 26 February 2022. Apart from that, hundreds of thousands of peaceful Ukrainians had to flee violence to Western Ukraine and neighboring countries.
Ukraine Launches New Law Enforcement Agency
On 24 November 2021, Ukraine launched a new law enforcement authority – the Bureau of Economic Security of Ukraine (“BES”). BES will focus on analytical activities aimed at early detection of risks in the economy, as well as pre-trial investigation of certain criminal offences.
Ukraine Adopts Mediation Law
On 15 December 2021 the Law of Ukraine “On Mediation” No. 1875-IX (“Law”) entered into force. The Law introduced mediation as a voluntary alternative dispute resolution method for the first time at the legislative level.
What’s Next on Ukrainian Capital Markets?
The capital markets in Ukraine have been a sleeping topic until recently. On June 19, 2020, the Ukrainian Parliament has restated the Law of Ukraine on Capital Markets and Organized Commodity Markets (Law). The restated Law became effective in July 2021, introducing a whole new framework for the issue of securities in Ukraine. It implements the most important EU capital markets regulations, including MiFID II, MiFIR, and CRD IV.
Mykyta Nota Makes Partner at Avellum
Head of Avellum's Competition practice Mykyta Nota has been promoted to Partner, as of January 1, 2022.
Diia City Law in Ukraine: IP
On 11 August 2021, the President of Ukraine signed Law of Ukraine “On Stimulating the Development of the Digital Economy in Ukraine” No. 1667-IX (“Law”). Most of its provisions became effective on 14 August 2021, introducing Diia City, a special legal regime for IT companies, and bringing changes beyond the IT industry.
For Foreign Investors: Peculiarities of Share Transfers in Ukraine
As a rule, transactions with securities, including shares in joint stock companies, require the engagement of an investment firm, in particular a securities broker. At the same time, the Law of Ukraine “On Capital Markets and Organised Commodity Markets”, which entered into force on 1 July 2021, provides for several exceptions to this rule. Indeed, an investment firm engagement is not required for the transactions made outside of Ukraine.