The ongoing hostilities in eastern Ukraine, annexation of Crimea, the frozen long-running conflict in neighboring Moldova and precedent of North Ossetia and Abkhazia in Georgia obviously have something in common… The clear footprint of our big eastern neighbor. Being a sort of a déjà vu for post-soviet — now independent states, the situation surrounding our country (literally and metaphorically) is not only a challenge for the rest of the world, but the first warning signal for security in Europe and other parts of the globe...
According to Article 39 of Tax Code of Ukraine (TCU) transfer price formation documentation is a set of documents or a single document, drawn up in any form, which should contain certain information that would justify the level of prices in controlled transactions. As noted by Yaroslav Romanchuk, managing partner of the International Legal Center EUCON, the Code establishes a list of essential information, but taxpayers have not received any recommendations as to content and order or sequence of preparation...
Oleksandr M. Biryukîv
The occupation of Crimea had already begun by late February 2014, practically in the last days of the Revolution of Dignity. By 2 March 2014, unidentified Russian military troops without insignia, widely known in the Western press as “the little green men,” surrounded the Supreme Soviet of the Autonomous Republic of Crimea of Ukraine. At one of its first sessions, and in violation of the Constitution of Ukraine, the Parliament of Crimea appointed Sergey Aksyonov the Prime Minister. On 11 March 2014, the Supreme Soviet of Crimea adopted a Declaration of Independence and set a date for a local referendum on the status of Crimea. The participants in the 16 March 2014 referendum voted to proclaim a new state, the Republic of Crimea, and then to join the Russian Federation...
Ivan V. Kasynyuk, Dmitry M. Kîval
Having annexed the Crimean Peninsula, Russia nationalized numerous facilities, recognized as the state property of Ukraine, which among others, also included seaports located on its territory — Yevpatoria, Kerch, Sevastopol, Feodosia and Yalta.
However, the reaction of international community and, in particular, non-recognition of annexation of the Crimean Peninsula by the Russian Federation, clearly manifested that in the modern world it is not feasible to physically capture territory and property of other country without bearing the relevant consequences for such aggressive actions...
Vyacheslav P. Lebedev
The history of modern public international maritime law goes back to the 1st UN Conference on the Law of the Sea held on 24–29 April 1958, in Geneva. The new stage in development of international maritime law was the 3rd UN Conference on the Law of the Sea which resulted in adoption of the UN Convention on the Law of the Sea dd. 10 December 1982 (UNCLOS) which came into force on 16 November 1994. This Convention is called the Constitution of Seas for good reason, since it displays the long-term experience of progressive development of international maritime law...
Oleksandra R. Fedkî
The armed conflict in Ukraine has changed the lives of thousands of people. Now, when it has been more than two years since the beginning of the Anti-Terrorist Operation, we still see a noticeable difference between de jure and de facto standing of Internally Displaced Persons (IDPs)...
Vasil Kisil & Partners advised NICMAS Group
Redcliffe Partners supported EBRD
Sayenko Kharenko advised EBRD
Microsoft sued U.S. Government
Google won action on right to scan books in USA
Volkswagen and USA reached out-of-court settlement
Tatneft sued Ukrainian businessmen in Ukrtatnafta case
United States launched investigation into Mitsubishi
Christian Louboutin won USD 364,000 from Russian companies
Amendments to the Land Code of Ukraine
Amendments to adopted Tax Code
Business registration transferred to local authorities
Promoting family farms activity
Procedure on granting special permits for subsoil use
Improving connection to electric power grids
Support of international arbitration in Ukraine
Local authorities can change target designation of private land lots
Amendments to the Tax Code
World's largest private coal mining company declares bankruptcy
Swiss National Bank granted National Bank of Ukraine loan of USD 200 million
Ministry of Temporarily-Occupied Territories created
Prospective M&A
European Commission accuses Google of monopoly
AMCU deprived Ukrainian company of rights to use REHAU brand
AMCU conducts inspections of electronic auctions for seized property
Ukraine received EUR 97 million from the European Union
In pursuing its mission, the Banking & Financial Services Committee of the American Chamber of Commerce in Ukraine actively contributes to the Ukrainian banking system developing and promoting high quality banking standards and values as well as in local banking environment harmonization with the best international practices.
UBA Meeting with Craig Shank
UBA’s Inaugural IT Conference
The Ukrainian legal market, which had almost forgotten about the noisy arrival of international powerhouse law firms, was shaken by the arrival of Kinstellar at the beginning of March.
Being among the most challenging, but nevertheless, very prospective emerging markets, Ukraine seems to have been a target for Kinstellar since its establishment in 2008.
Kinstellar’s competitive advantages include its network of offices in nine countries across the Emerging Europe region and beyond, and its well-developed relationships with leading international law firms — both of which benefit clients in Ukraine.
In Kiev, Kinstellar has already made a number of strategic hires, including most recently Andriy Nikiforov, a long-time fixture at Baker & McKenzie, who joins as a counsel and head of the Banking, Finance & Capital Markets and Restructuring & Insolvency practices...
Oybek YULDASHEV, Rauf SALAHODJAEV
According to Grand View Research2, between 2015 and 2022 the legal services market is expected to experience even higher growth rates due to increased globalisation, a more competitive environment, changing trends in foreign direct investment, economic growth and more modern business structures and transactions.
However, the global economic slowdown means more competition within the markets and less active law firms risk being overtaken by more active and aggressive ones.
Still, the legal services industry seems to be less sensitive and responsive to changes in business cycles3. The size of the global legal services industry shows that the international economic and financial crisis has so far had a negligible impact on the overall demand for legal services.
Considering that transition economies, especially post-Soviet countries, are characterised by more volatile and, therefore, more uncertain business environments, the interesting questions to address are: what are the current state and future prospects for the legal services industry in Central Asian countries, and how will the various economic, individual and social characteristics impact the legal services industry in coming years?
Activity over the last month has brought in new legislative changes as well as developments in various aspects of business regulation. In this section the UJBL editorial team has enlisted the help of experts to comment on the latest changes and a large number of proposed draft acts. Our latest digest includes, to a large extent, initiatives that touch upon the intellectual property, energy, arbitration, taxation, customs spheres, and not only.
Oleksiy Stolyarenko
Reform proposed by the Draft Concept on reforming of the state system of intellectual property protection in Ukraine is long overdue. Structural problems with three level subordination in the state IP system are quite evident, where all of the levels do align, duplicate and conflict with each other at the same time in terms of the scope of authority, funding and official duties...
Oksana Krasnokutskaya
The Draft Act On Limited Liability Companies and Additional Liability Companies prepared by the Ministry of Economic Development and Trade of Ukraine in collaboration with representatives of the legal community and Commercial Law Centre took into account the current needs of business and filled the gaps of current regulation on LLCs...
Anna Bukvych
The Draft Act On Amendments to Certain Legislative Acts of Ukraine on Improvement of Connecting to Electric Networks was developed according to the Government’s plan approved in order to upgrade Ukraine’s rating in the World’s Bank Doing Business. In the last few years recent achievements in the Rating were gained mostly by improving Ukraine’s position in certain topics of the Rating...
Dmytro Shemelin
Draft Act No.4351 is in general terms a positive step towards the pro-arbitration stance of Ukrainian courts. The key positive feature of the Draft is that arbitration-related cases are now in the jurisdiction of the Kiev Court of Appeal. The removal of these cases from the jurisdiction of courts of first instance drastically reduces the reaction time of the courts and stimulates the unification of arbitration-related practice...
Sergiy Gryshko
Despite its less than appealing name, Draft Act No.4351 On Amending Certain Legislative Acts of Ukraine with Regard to Judicial Control and Assistance to the International Commercial Arbitration is a revolutionary piece of legislation which, if adopted, will completely change the regulatory framework for international commercial arbitration in Ukraine...
Serhiy Yaroshenko
Introduction of a special 15% tax for transactions with corporates established in offshore jurisdictions through Draft Act No.4413 will likely affect the ease of doing business in the country. The need for its adoption is unclear, as a year ago similar provisions known as thin capitalisation rules were re-incorporated in Article 140 of the Ukrainian Tax Code..
Igor Reutov
The Cabinet of Ministers of Ukraine has approved reorganization of tax administrations dealing with compliance of large taxpayers (Resolution No.247 of 30 March 2016). All such tax administrations will merge with the State Tax Service Office for large taxpayers. There are 1725 large taxpayers (in 2016) in Ukraine and they anticipate that the said reorganization will have more effect than just change of name...
Sergiy Kyrych
The Ukrainian Finance Ministry presented the Draft Act On Amendments to the Customs Code of Ukraine (on the authorized economic operator and simplified customs procedures).
Under the Draft there are plans to introduce in Ukraine the Institute of authorized economic operators (UEO) similar to that which functions in the European Union and throughout the civilized world...
Katerina Lysechko
International financial institutions(IFI) and the IFChave had a great recordin local business loan financing.However, their share inthe total credit exposure issmall. The NBU Resolutionunder review should first ofall look attractive to small andmedium-sized businesses thatwill benefit from the nationalcurrency loans extended bytheir Western partners. Still,the main point is what bankswill give loans and on whatterms and conditions…
Sergii Korniienko
The changes made by the Cabinet of Ministers of Ukraine as of 6 April 2016 through Resolution No.277 to the Procedure on issuing special permits for subsoil use and Procedure of conducting auctions for the sale of special permits for subsoil use, in general, can be considered as a positive step towards attracting investment in developing mining operations...
Sergey Protasov
On 10 November 2015 Draft Act No. 3448 On Amendments to the Tax Code of Ukraine as to the Peculiarities of Criminal Proceedings in Tax Relations and Administration of Taxes and Duties» was submitted to the Verkhovna Rada of Ukraine. Draft Act No.3448 proposes several amendments to some legislative acts of Ukraine...
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