In June 2023, the National Bank of Ukraine allowed Ukrainian corporate borrowers, during the existing cross-border payment moratorium, to make payments to development finance institutions (“DFIs”) (e.g., foreign export credit agencies and state development institutions). However, the relaxation explicitly prohibited borrowers from making any early repayments, whether voluntary or resulting from acceleration in the case of an event of default….
Read MoreThe new law of Ukraine amending the local merger control rules has been finally published. The amendments will enter into force on 01 January 2024. Those have been developed by the Antimonopoly Committee of Ukraine (the “AMC“) in cooperation with competition law experts from the EU and the USA. The major changes in the merger control regime proposed by the…
Read MoreOn 11 September 2023, the conference for the Register of Damage for Ukraine (the “Register“) laid the foundation for compensation for war-related damages. The conference focused on financial issues and the procedure for appointing the Register’s Board. The conference resulted in the following: 1. The Register will be fully operational by the first quarter of 2024. That will enable the affected businesses to file…
Read MoreSince the outbreak of the war, Ukrainian banks have faced severe financial losses and risks caused by a large migration of the Ukrainian population abroad, ongoing hostilities, decreases in clients’ solvency, inflation, credit portfolio losses, and martial law limitations. The National Bank of Ukraine (the “NBU”) reported that the profit of the banks decreased by three times in 2022 compared…
Read MoreAs the one-year of russia’s invasion of Ukraine approaches, CEE Legal Matters caught up with Redcliffe Partners’ Managing Partner, Olexiy Soshenko, to understand how he has adapted to the new circumstances. The war has profoundly impacted Ukraine, its people and its businesses, including the legal profession. Safety and emotional well-being were paramount concerns for law firms during the initial period of the war. Soshenko…
Read MoreSince 24 February 2022, when Russia launched its illegal full-scale invasion of Ukraine violating the very essence of international law and common values of humanity, life for millions of Ukrainians has dramatically changed. Since then, our country has been facing enormous challenges both in public and private sectors, which, inter alia, includes the banking sphere. After a few months following…
Read More2022 was a challenging year. To put a more positive spin on things, Redcliffe Partners Managing Partner Olexiy Soshenko shared with CEE Legal Matters what was, for him, the biggest positive surprise in 2022. “In 2022 in Ukraine, it is somewhat difficult to speak of positive surprises,” Soshenko begins. “However, looking back at 2022, there was a great deal of…
Read More“For the first several months, almost all of our existing projects were put on hold and there were no new requests from clients,” Fedoruk explains. “However, it was a time of complete chaos so we were not very concerned with the absence of work. On the first day of the war, we advanced 3-months’ salary to all our employees and…
Read MoreMarch 2022 was a breakthrough month for the virtual assets market in Ukraine. With the help of Ukraine‑based Everstake and Kuna, the Ministry of Digital Transformation of Ukraine set up a fund to accept donations in crypto assets to primarily support Ukraine’s military needs. According to the Ministry, Ukraine’s government has raised over USD60 million in crypto donations to date….
Read MoreThis year marks the start of a new era for all Ukrainian taxpayers – both corporate and individuals. Ukraine lawmakers up to – and especially in – 2021 made unprecedented efforts to implement into local law and the network of double tax treaties major recommendations and principles which went far beyond the minimum base erosion and profit shifting (BEPS) action…
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