Paying import VAT in instalments for certain machinery and equipment
12 January 2018

On 1 January 2018, Law No 2245-VIII "On amendments to the Tax Code of Ukraine and certain legislative acts of Ukraine to provide for the balance of Budget revenues for 2018" (the "Law") came into force.

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Monetary escrow accounts become fully operational in Ukraine
11 January 2018

With effect from 21 December 2017, the National Bank of Ukraine (the “NBU”) made monetary escrow accounts fully operational in Ukraine by recognising them as a separate type of bank account and establishing the rules for wire transfers in escrow transactions. The relevant rules are set out in NBU Regulations No. 133 “On Amendments to Certain Legislative Acts of the National Bank of Ukraine” dated 18 December 2017, and No. 147 “On Amendments to Certain Legislative Acts of the National Bank of Ukraine” dated 28 December 2017 (the “Escrow Regulations”).

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Further amendments to the template power purchase agreement to enhance its bankability
09 January 2018

On 9 January 2018, the National Energy and Utilities Regulatory Commission (the "Regulator") adopted Resolution No.1, further amending the template form of the power purchase agreement (the "PPA") between the State Enterprise “Energorynok” and producers of electricity from alternative energy sources ("AES"). The Resolution will become effective on the day following its official publication.

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Daily balancing of the gas market is to be introduced in Ukraine, with the financial security burden on network users alleviated
29 December 2017

On 27 December 2017, following the resumption of a quorum required for its decision-making, the National Energy and Utilities Regulatory Commission (the "Regulator"), adopted the amendments to the Gas Transmission System Code (the "GTS Code") to implement the requirements of the Law of Ukraine "On the Gas Market of Ukraine" and the Third Energy Package, in particular, Commission Regulation (EU) No 312/2014 of 26 March 2014 establishing a Network Code on Gas Balancing of Transmission Networks.

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Environmental impact assessment is enacted in Ukraine, aligned with European standards
26 December 2017

On 18 December 2017, the Law of Ukraine "On Environmental Impact Assessment" (the "Law") was put into operation. This aims to improve, through decision-making processes effecting business activities, environmental protection, security and transparency, prevent adverse effects on the environment, and ensure the balance of public and private interests. This Law transposed the requirements of Directive 2011/92/EU of the European Parliament and of the Council of 13 December 2011 "On the Assessment of the Effects of Certain Public and Private Projects on the Environment". Following the adoption of the Law, the Energy Community Secretariat closed the case against Ukraine related to the improper transposition of the Directive undertaken by Ukraine within the framework of its membership of the Energy Community.

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The Antimonopoly Committee of Ukraine will not clear concentrations involving sanctioned entities
21 December 2017

On 17 December 2017, the amendments to the Law of Ukraine “On Protection of Economic Competition” and to the Law of Ukraine “On Sanctions” regarding the effect of economic sanctions on merger control entered into force.

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Oil & gas exploration and production in Ukraine will be simplified and enhanced
20 December 2017

On 19 December 2017, the Ukrainian parliament finally adopted the draft law “On Amending Certain Legislative Acts of Ukraine Concerning Simplification of Certain Aspects in the Oil and Gas Industry”. This Draft Law considerably reduces the number of permits and approvals, and simplifies regulatory procedures relating to oil & gas exploration and production activities in Ukraine with a view to enhancing the local production of oil & gas and spurring investment in the industry.

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Olexiy Soshenko outlined PPP healthcare perspectives in Ukraine
12 December 2017

On 5 December 2017, Olexiy Soshenko, Managing Partner and Head of the Banking and Finance practice at Redcliffe Partners, took part in a workshop in Frankfurt am Main dedicated to the topic “Healthcare PPPs: Hands-on experience and lessons learned from Germany”. The event was organised by Dornier Consulting, and supported by the Ministries of Health and of Economic Development and Trade of Ukraine.

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Royalties on oil & gas production will be significantly reduced in Ukraine
11 December 2017

On 7 December 2017, the Ukrainian parliament adopted draft law No. 6776-d "On Amendments to the Tax Code of Ukraine Concerning Balancing of the Budget Income for 2018" (the "Draft Law"). This Draft Law significantly reduces royalties on oil & gas production in Ukraine with a view to incentivising local production in Ukraine and raising attractiveness of the industry for investment. It will enter into force on 1 January 2018, subject to Presidential signature and the official publication (except for certain provisions that will become effective later).

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Svitlana Teush spoke at the international conference on “Grain Terminals: New Projects, Equipment and Technology”
08 December 2017

Svitlana Teush, Counsel on Energy, Infrastructure and Construction at Redcliffe Partners, spoke at the international conference on “Grain Terminals: New Projects, Equipment and Technology” in Odesa. The topic of her presentation was “Legal aspects of investment in the construction of grain terminals. Case study: Co-financing by IFC and EBRD of the construction of a grain terminal in “Yuzhny Port” for M.V.Cargo and Cargill”.

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