Ukraine’s approach towards the circulation of cannabis has traditionally been strict: the cannabis market in Ukraine is not legalized, and the circulation of both cannabis itself and cannabinoids is generally prohibited. Both the Criminal Code of Ukraine and the Code of Administrative Offences of Ukraine provide for liability for illegal sowing or cultivation, manufacture, acquisition, storage, transportation, or shipment of cannabis.
Spend It All Before It’s Gone: Investment Safe Harbors in CEE
Considering the current state of affairs in CEE, market dynamics have shifted in terms of where investors are looking for safe investment opportunities, with some sectors seeing steadier capital flows and others struggling. Our experts chart the current hotspots and consider whether the markets are set to shift again.
CMS Advises Banks on Kernel Loan Postponement
CMS has advised a syndicate of banks led by ING Bank on the postponement of loan payments under the USD 450 million pre-export facility for Ukraine’s Kernel Group. Linklaters reportedly advised the Kernel Group. Allen & Overy reportedly advised Natixis, another lender.
Ukraine Updates its Copyright Regulation Based on Principles of EU Law
The IT industry in Ukraine remains one of the key drivers of the Ukrainian economy even despite the market turmoil in the times of war. Alongside this, the constant development of technology and the need to honour obligations and commitments to implement EU law in terms of copyright and related rights requires certain amendments to the current Ukrainian legislation.
European Сourt Of Human Rights Gives Green Light To Ukraine's Claims Against Russia Over Violations In Eastern Ukraine
In the 25 January 2023 final decision in the case of Ukraine and the Netherlands v. russia, the Grand Chamber of the European Court of Human Rights (“ECHR”) declared the complaints partly admissibile. The Grand Chamber will now decide the case on the merits.
Inna Kostrytska and Kristina Shyposha To Head Integrites Employment and Business Protection Practices
Following their appointment to Counsel in January 2023, former Senior Associate Inna Kostrytska will lead Integrites' Employment practice while former Senior Associate Kristina Shyposha heads the firm's Business Protection, Compliance, and Anti-Corruption practice.
Integrites Announces Pro Bono Collaboration with Ukraine's Ministry of Veterans Affairs and Affordable Housing Institute
Integrites has signed a pro bono collaboration agreement with the Ministry of Veterans’ Affairs of Ukraine and the Affordable Housing Institute aimed at developing housing for war veterans and their families.
Corporate Governance in Ukraine
Contributed by Arzinger.
CMS Advises EBRD on Loan to Stax Technologies
CMS has advised the EBRD on a EUR 10.8 million loan to Serbian machine manufacturer Stax Technologies.
Ukraine: Government Approves New Procedure for Military Registration of Conscripts, Persons Liable for Military Service and Reservists
On 5 January 2023, the "Procedure for Organisation and Maintenance of Military Registration of Conscripts, Persons Liable for Military Service and Reservists," approved by the Resolution of the Cabinet of Ministers of Ukraine No. 1487 dated 30 December 2022 ("Procedure"), came into effect. The Procedure establishes changes regarding the military registration of Ukrainians, including new obligations for employers.
Former Osborne Clarke CEO Simon Beswick Joins Kinstellar
Former Osborne Clarke CEO Simon Beswick has joined Kinstellar’s Board of Directors as a non-executive member.
Asters Advises Ukrainian Railways on USD 895 Million Eurobond Restructuring
Asters, working with Dechert, has advised JSC Ukrainian Railways on the restructuring of two tranches of loan participation notes issued by Rail Capital Markets – one for notes due 2026 and another for notes due 2024 – in a total amount of USD 895 million.
Asters Advises BSTDB on Financing Novotel Construction in Ukraine
Asters has advised the Black Sea Trade and Development Bank on its EUR 8 million financing to the Real Estate Development Centre for the construction of a 128-room hotel in Lviv, Ukraine.
Asters Advises EBRD on EUR 10 Million Financing for Grain Alliance Group
Asters has advised the European Bank for Reconstruction and Development on a EUR 10 million financing for the Grain Alliance Group.
Ukraine: Diia City – A New Legislative Framework for IT Companies During the War
Despite the Russian full-scale invasion of Ukraine, IT remains one of the leading industries in the country. According to surveys, a bit more than 10% of IT specialists (mostly women, since a large part of men are not allowed to leave the country) have moved to other countries since the start of the invasion. Some of them were relocated to foreign offices of international IT companies or started working for foreign companies, while others keep working remotely for their Ukrainian employers.
(Business) Life Did Not Stop: A Buzz Interview with Taras Utiralov of Peterka & Partners
Despite missile strikes, businesses and society adapt to the new reality, with some non-war-related transactions in the works, according to Peterka & Partners Partner Taras Utiralov.
Ukraine Introduces E-Residence as A Special Tax Regime for Foreign Entrepreneurs
On April 1, 2023, the Law which enables foreigners to become e-residents in Ukraine (hereinafter “e-residence / e-resident”), will enter into the force (the “Law”).
Kinstellar Advises OTP Bank on Acquisition of Ipoteka Bank in Uzbekistan
Kinstellar has advised OTP Bank on its acquisition of Uzbekistan’s Ipoteka Bank. The White & Case London and Tashkent offices reportedly advised the seller.