#01-02 January-February 2020

In focus – Banking & Finance

The Ukrainian banking sector has undergone turbulent times and has not yet recovered from two massive downturns. The last couple of years became a period of “clearance”, with just 76 banks of them remaining now compared to 180 in early 2014...

Expert Opinion

Financing of Infrastructure Projects

Oleksander Plotnikov

The issue of infrastructure improvement has long been one of the most pressing ones in Ukraine. Certain signs of improvement have been seen lately, but in general the issue still remains unresolved, especially given the challenges faced by the Ukrainian economy in recent years.

In Re

Green Finance: What 2019 Brought Us

Stepanyda Badovska

Green finance remains one of the most dynamic fields of finance in the world. Rapidly increasing interest in green investments and portfolios as well as the widely spreading trend of implementation of sustainable goals makes the green finance domain grow at an exponential rate. The year 2019 was another promising one in terms of green finance news coming from various markets. This article provides an overview of some of the most important developments in the green finance area that took place in 2019.

Impact of New Legislation on Ukrainian Banks

Oleksandr Kamsha

The Bankruptcy Proceedings Code came into force in Ukraine on 21 October 2019. This regulatory act was very much in demand on the part of the core community due to the urgent need to regulate the bankruptcy procedures of individuals. In addition, a year after the introduction of the Code, the Law On Moratorium on the Recovery of Property of Ukrainian Citizens Granted as Security for Loans in Foreign Currency will be abolished (paragraph 2(3) of the Final and Transitional Provisions).



DLA Piper advised NEQSOL

Asters advised EBRD on EUR 10 million financing to Grain Alliance Group

AVELLUM advised Van Leeuwen Pipe and Tube Group

AEQUO acted as legal advisor to Dragon Capital

Kinstellar advised DEG on USD 20 million credit facility for Astarta

AVELLUM Ukrainian legal counsel toDTEK Renewables

Asters advised Green Genius

Asters advised EBRD on financing to Kormotech


Court discovered allocation of illegal agricultural subsidies in 2018

PrivatBank case: NBU won first victory in determining companies affiliated to bank

EU imposed another fine on Google worth EUR 150 million

Swiss court ordered RF to pay indemnification to Ukrainian companies


Final version of draft law on land market submitted to Parliament

Verkhovna Rada wants to renew already canceled law on bankruptcy

Law digest

Cabinet of Ministers approved list of enterprises that cannot be privatized

Parliament adopted law on regulating amber extraction

Verkhovna Rada adopted law on excise taxes on fuel and alcohol

Last law required for industrial visa-free regime with EU now adopted



Ukraine in top three exporters of agricultural products to EU


UK Parliament adopted Brexit Treaty


Ukraine and Russia signed memorandum on continuing gas transit through Ukraine

Ukraine and Slovakia signed inter-operator agreement on gas transit


AMCU allowed acquisition of Idea Bank by Dragon Capital

Major gas stations obliged to cut petrol and diesel fuel prices

Trade Policy

USA and China ended trade war by signing first phase of trade agreement

EU announced new trade claim to Ukraine


USA extended sanctions against the Democratic Peoples Republic of Korea

Cover Story

Equitable Solutions

Year over year the Ukrainian banking sector finds itself in the flux of new changes. Mindful upgrading of the regulatory field entails a new wave of debate between various stakeholders. Oleg Malinevskiy, managing partner of EQUITY law firm, explained why the trust in the banking system has not been restored yet, diving into certain paradoxes of the current situation and the most recent court practice. It turns out that bank owners are still in search of equitable solutions. Going further, we argued about whether the non-performing loans market disposes of such lucrative opportunities, and what it could actually mean for legal professionals.

Global Legal Update

Implied Duty of Good Faith in English Contract Law

Gavin Chesney, Mikhail Movshovich, Charles Low

This article discusses recent significant developments in English law regarding the implication of a duty of good faith in commercial contracts. It also addresses certain concerns that may arise in practice and outlines recommendations that should be considered when negotiating and performing a deal.

Hot Issue

The Implementation of the Fifth Anti-Money Laundering Directive in German Law Tightening of the Screw?

Dr. Timo Holzborn, Olexiy Oleshchuk

In the course of the Panama Paper scandal, EU Directive 2015/849 on prevention of the use of the financial system for the purposes of money laundering or terrorist financing known as 4. Anti-Money Laundering Directive (4. AMLD) was amended by EU Directive 2018/843, which is known as the Fifth Anti-Money Laundering Directive (5. AMLD), despite being only an amendment to 4. AMLD. 5. AMLD came into force in mid-2018. Each EU member state must transpose 5. AMLD into national legislation by 10 January 2020.

In general, the 5. AMLD implements the following changes:


Tax Amnesty 2020, or Last Chance for Forgiveness of Tax Debts?

Karina Pavlyuk

A tax amnesty has been discussed in Ukraine for several years now. But the probability of adoption of the relevant law increased significantly only after the rise of the new government.


Legal Digest

The end of the previous year was rich in legislative activities at the Ukrainian Parliament, many of which became items for discussion. A number of amendments to the Tax Code were offered and adopted, as was the significant Law No. 2261, which abolished the monopoly held by lawyers, which had existed since 2016. Another notable initiative is Draft Law No. 2635, which, if adopted, will terminate the Commercial Code of Ukraine. The UJBL editorial team asked the views of experts on these and other recent legal topics.

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