In recent years, Ukraine has made significant moves towards the development of its alcohol production market. In December 2019, Ukraine adopted a law abolishing the monopoly of Ukrainian state-owned alcohol producer, Ukrspyrt, and announced the upcoming privatisation of Ukrspyrt’s assets. Ukrspyrt, Ukraine’s largest producer of alcohol and alcohol-containing products, owns 41 production sites (all of which are intended to be…
Read MoreRedcliffe Partners is pleased to announce the promotion to partner of Svitlana Teush, who leads the firm’s Renewable Energy, Real Estate and Construction practices. “Svitlana has been with us for four years. She, together with her team, has built the renewable energy, construction and real estate practices into one of the strongest in the market”, Managing Partner Olexiy Soshenko said. “She has…
Read MoreFor many years, Ukrainian capital markets have barely functioned due to significant gaps and inconsistencies in the underlying legislation. The new law No. 2284 “On amendment of certain laws with respect to investments and new financial instruments” (the “New Law“) which was officially published on 15 August 2020 aims at restarting Ukrainian capital markets. It brings Ukrainian legislation in line…
Read MoreOn 21 July 2020, the long-awaited draft law No. 3658 “On the Amendments to Certain Laws of Ukraine on the Improvement of Support for the Production of Electricity from Alternative Energy Sources” (the “Draft Law”) was adopted by the Parliament of Ukraine in the second reading. To a large extent, the Draft Law reflects the arrangements set forth in the…
Read MoreUkrainian law now offers additional anti-raid protection in respect of a limited liability company (the “LLC”). Specifically, Law of Ukraine “On amending certain legislative acts of Ukraine on combating raiding” No. 340 dated 5 December 2019 (the “Law”) has recently come into effect (i.e., the effective date as per the database of the Ukrainian Parliament is 16 July 2020). The…
Read MoreOn 10 June, the long-awaited Memorandum of Understanding on the Settlement of Problematic Issues of the Ukrainian Renewable Energy Sector (the “MoU”) was signed by the Prime Minister of Ukraine, the acting Minister of Energy and representatives of major renewable energy associations UWEA (Ukrainian Wind Energy Association) and EUEA (European-Ukrainian Energy Association). The MoU accommodates the arrangements reached by the public…
Read MoreFollowing delayed signing and publishing, Law No. 466-IX dated 16 January 2020 “On amendments to the Tax Code of Ukraine related to the improvement of tax administration and elimination of technical and logical inconsistencies in the tax legislation” (the “Law”) was officially published and became effective on 23 May 2020. We would like to remind you of the most significant…
Read MoreThe Law introduces a new risk-oriented financial monitoring approach similar to EU anti-money laundering standards. Here are the principal elements of the Law relevant to business: 1) The definition of ultimate beneficial owner (“UBO”) has been widened. The list of persons who are deemed UBOs of a trust was extended to include a founder, trustee, protector, beneficiary or group of beneficiaries of the…
Read MoreThe Law was signed by the President on 1 April and will become effective after it is published (which is expected to happen imminently). The most notable changes for business are: Extension, for the whole period of quarantine, of: most types of statutes of limitations; most procedural terms (e.g. terms for the review of the case by the court, terms…
Read MoreThe Ukrainian Parliament has passed the Law No. 2178-10 (becoming effective from 1 July 2021) introducing certain changes into the Land Code of Ukraine, aiming to lift the existing moratorium in relation to transactions involving agricultural land plots in Ukraine. By way of background, the existing moratorium prohibits: sale and purchase of state-owned and municipally owned agricultural land plots; sale and purchase or other…
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