#07-08 July-August 2018

In focus – Anti-Corruption

The high level of perceived corruption damages not only the image of our country, but limits the efforts of Ukrainian business to attract investment from abroad. The success stories in resisting corruption were widespread right after the Revolution of Dignity in 2014. Since that time sensational corruption cases have appeared from time to time in public and then quickly fizzled out. However, the international community and outside donors continue to ask the Government to carry out real actions towards fighting corruption and setting a workable anti-corruption policy. So what has been achieved to date?

Expert Opinion

Anti-Corruption Internal Investigations as an Effective Compliance Tool

Ario Dehghani, Viktoria Shevchuk

An internal investigation is an important compliance instrument for many companies residing in the U.S. and Europe. The main goals of such investigations are to assess any possible compliance violations, potential liability risks and to strengthen the compliance system already in place. With the help of this tool a company may also collect documents and evidence before an investigation is started by an authority.

In Re

Economic and Political Corruptions in Engineering of Management Systems of Developed States

Sam Noshadha, Victor Litvinenko

Today, corruption and the fight against corruption is one of the most important fundamental points in states around the world. International organizations have called financial and political corruption in state management one of the most important reasons for the lack of development in a country. To the extent that political and economic corruption rises, so the level of a states national security diminishes.

Anti-Corruption Measures in the Activities of the Attorneys Office

Sergey Smirnov

In Ukraine, combating corruption is one of the declared priorities for the country's development. However, according to the 2017 Transparency International Corruption Perceptions Index (CPI) survey, Ukraine which scored 30 on a cale from 100 (non-corrupt) to 0 (highly corrupt) ranked 130th among 180 countries. In other words, it scored only one point more and ranks only one position higher than in 2016. In its resolutions, the Parliamentary Assembly of the Council of Europe has repeatedly noted that suppressing corruption in the judicial system is a top priority as corruption is a threat to the rule of law.



Asters Ukrainian law counsel to IFC

AEQUO acted as a counsel to EBRD

DLA Piper advised Haas Group

AEQUO advised KfW

DLA Piper represented aircraft lessor Pegasus Aviation VI

Vasil Kisil & Partners advised Mondelez International

Asters advised IPnet

AVELLUM advised EBRD on senior secured loan to Kyiv Cardboard and Paper Mill

EY Ukraine assisted Atlantic Agro Holding

CMS advised EBRD


Facebook account can be inherited in Germany

Court confirmed Darnitsas right to produce Corvalol-Darnitsa drug

USD 4 billion seized from Johnson&Johnson through court action

European Court of Human Rights published ruling on Kryvorizhstal re-privatization

Court dismissed Kyivstar appeal on fine for violating billing increment principles

Law digest

Ministry extends list of cases when fee for excess aircraft parking not paid

Control over international carriers

Law on Currency adopted

Procedure for establishing joint-stock companies during privatization of state enterprises

Ukraine signed MLI Convention

Law on Assistance in Attracting Foreign Investments signed


Banking & Finance

Mastercard to conduct cryptocurrency payments


Draft on sanctions against Nord Stream 2 introduced to US Congress


Antonov to be engaged in unmanned air taxi production

Electric cars

Electric vehicles market resumed growth in Ukraine


EUR 4.3 billion fine imposed on Google


Central Bank of Cyprus announced strict requirements for business relations with foreign companies


Walmart and Microsoft team up against Amazon

Trade Policy

WTO partially satisfied Russia's claims in ammonium nitrate import case to Ukraine

Chamber News

Annual American Independence Day Picnic held in Kyiv

The American Chamber of Commerce in Ukraine celebrated America’s birthday by hosting its 26th annual American Independence Day Picnic on 7 July at the Kyiv International School. More than 3000 guests were treated to traditional American apple and cherry pies, and had the opportunity to take pictures with a giant American birthday cake! Just like the cake or pie, the picnic was enjoyed by guests of all ages. There was catchy music, contests, a big entertainment zone for kids, interactive photo zones, and activities. Guests also got to enjoy a lot of tasty American food, refreshing drinks, and a variety of treats. The icing on the cake was an exciting gifts drawing and great performance by headliner Antytila.

Cover Story

Market Standard

Operating in the global marketplace, investors regularly face bribery and corruption risks that have to be addressed in their strategic decisions. Emerging markets with attractive raw industries present significant challenges, imposing an anti-corruption clean-up agenda during an M&A process. We asked Iryna Nikolayevska, counsel in the Kyiv office of Kinstellar, how this works internationally and when will it become a market standard in Ukraine.


The Crown Jewel of the WTO: Developments of the WTO Dispute Settlement System in 2017

Anzhela Makhinova, Victoria Mykuliak

On 22 June 2018, the WTO Appellate Bodys latest Annual Report (Report) was presented1 summarizing the key trends of the WTO dispute settlement system of 2017.

It is worth emphasizing that the WTO dispute settlement system is recognized as the crown jewel of the WTO because of its efficiency, predictability and expeditious resolution of disputes. The above features are achieved by the following two issues: the whole procedure is set out in details (stage-by-stage) with all relevant deadlines as well as prompt compliance with the recommendations or rulings of the WTO Dispute Settlement Body are highly effective.

It goes without saying that these features are especially crucial today in the course of the mounting trade war between key WTO Members (USA, EU, China, Japan, Canada, etc.) that has already resulted in an increase of different protectionist measures around the world of questionable legality under WTO rules.


Legal Digest

The UJBL editorial team has monitored recent legislative initiatives and changes that may be of particular interest. This month we asked our experts for comment on thelong expected Law On Currency and Currency Transactions; draft law No.8331-d introducing financial sector improvement amendments to certain Ukrainian laws; Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. Our team also inquired about the electronic auction system for the sale of land lease rights using the ProZorro.Sales system; draft law On Amendments to the Tax Code of Ukraine and Certain Legislative Acts Regarding the Criteria for Determining Individuals with High Income.

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