On 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 MoreRedcliffe Partners acted as a legal adviser to Citibank Ukraine in connection with a loan of up to USD30 million to Myronivsky Hliboproduct (“MHP”), one of the largest Ukrainian producers and exporters of agricultural products and poultry meat. The loan will be used to finance MHP’s working capital needs. The loan was negotiated and executed during the period of quarantine…
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 Antimonopoly Committee of Ukraine (the “AMC”) has been extremely active since the beginning of the COVID-19 outbreak. Investigations have been launched into parallel price increases (i) by pharmacies and wholesale suppliers of healthcare products and (ii) by food retailers and their wholesale suppliers of vegetables and long-life foodstuffs. Another hotly debated COVID-related case concerns the spike in prices for…
Read MoreOn 31 March 2020, the Ukrainian Supreme Court upheld the first decision of the Antimonopoly Committee of Ukraine (the “AMC”) on the unlawfulness of state aid and concluded that the AMC is not required to analyse the effect of aid on trade between Ukraine and the EU in state aid cases. The state aid regime was introduced in Ukraine based…
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…
Read MoreAnastasia Usova, Partner at Redcliffe Partners, contributed to the e-Competitions Special Issue “Competition policy & COVID-19: An overview of antitrust agencies’ responses”. This Special Issue contains articles and press releases from private practitioners and agencies in more than 20 countries, covering a broad range of reactions and perspectives from around the world. The Special Issue can be accessed by this link….
Read MoreOn 13 March 2020, the Antimonopoly Committee of Ukraine (the “AMC”) announced that it would investigate any unjustified price hikes for medicines, face masks and other personal health protection items, the creation of artificial product shortages, and other abuses generating profits from coronavirus fears. On 15 March 2020, Olexiy Khmelnytsky, Head of the Kyiv Regional Office of the AMC, announced…
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