On 4 May 2024, new amendments to Regulation of the Board of the National Bank of Ukraine “On the Operation of the Banking System during the Period of Martial Law” No. 18, dated 24 February 2022, came into effect. Such amendments aim to further ease relevant currency control restrictions, including (i) lifting all currency restrictions on imports of works and services, (ii) permitting businesses to repatriate “new” dividends, (iii) easing restrictions on repayment of “new” foreign loans, (iv) allowing payment of interest on “old” foreign loans, and (v) allowing to transfer funds abroad under leasing/rental agreements.

On the occasion of this year’s recent Deal of the Year Awards Banquet and GC Summit in Warsaw, did you know that, according to the Activity Rankings feature of the CEELMDirect website, partners of pan-Baltic law firms dominated the list of the ten lawyers who worked on the most client matters reported by CEE Legal Matters in the first decade of its existence?

Avellum has advised Ukraine's Ministry of Finance on a CAD 2 billion ten-year concessional loan from Canada. Sayenko Kharenko advised the Government of Canada.

Avellum has advised the European Bank for Reconstruction and Development on a senior secured loan of up to EUR 2.5 million for the Polish campus of the Kyiv Medical University, a private higher educational establishment in Ukraine.

On 8 March 2024, Law of Ukraine No. 3587-IX (“Law”) came into force, intending to bring Ukrainian laws on the governance of state-owned enterprises (state unitary enterprises and business entities where the state holds more than 50% of shares) (“SOEs”) in line with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.

Avellum has advised the Ministry of Finance of Ukraine on a defense loan guaranteed by UK Export Finance that will be used to finance the purchase, modernization, and maintenance of two Sandown-class mine countermeasure vessels for the Ministry of Defence of Ukraine. Sayenko Kharenko and, reportedly, Ashurst advised UK Export Finance.

On 27 February 2024, the Cabinet of Ministers of Ukraine adopted Resolution No. 227 “On Introduction of Guarantees of Origin of Electricity Produced from Renewable Energy Sources”  (“Resolution”) that came into force on 5 March 2024.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

On 19 March 2024, the Ukrainian Government decided to close a sanctions-related database maintained by the National Agency on Corruption Prevention (“NACP”).

The challenges posed by rapid technological advancements and potential risks associated with AI continue to grow. Data protection, cybersecurity, and IP considerations, to name a few. With this in mind, policymakers strongly believe that it is crucial to establish a legal framework regulating, among others, the development and use of AI.

As 2023 comes to a close, reflections on the year reveal challenges and achievements across Romania, Bulgaria, and Ukraine. Tuca Zbarcea & Asociatii Managing Partner Gabriel Zbarcea, Schoenherr Bulgaria Local Partner Ilko Stoyanov, and Avellum Managing Partner Mykola Stetsenko share their thoughts on what kind of a year it has been.

Marked by the turbulence of war, Ukraine’s legal sector has adjusted to the new circumstances but potential future talent challenges loom on the horizon.

Avellum has advised the Ministry of Finance of Ukraine on a EUR 37.6 million export loan provided under the framework agreement between the Governments of Ukraine and France with the funds being directed towards purchasing rails for Ukrainian Railways from French manufacturer Saarstahl-Rail.

Avellum, working with Linklaters, has advised Stellantis on the acquisition of the artificial intelligence framework, machine learning models, and intellectual property rights and patents of CloudMade.

Sayenko Kharenko has advised Viseven on an investment from Horizon Capital. Avellum advised Horizon.

Avellum has announced the appointment of Andriy Fortunenko, Andriy Romanchuk, and Anton Zaderyholova as Partners, starting January 1, 2024.

Avellum has advised the Kernel Group on the acquisition of 100% of shares in Reni-Oil LLC – a sunflower oil transshipment terminal with a storage capacity of 15,000 tons, in the port of Reni, on the Danube – for a consideration of USD 24.75 million.

Ukrainian civilian infrastructure, particularly its vital components such as energy facilities and seaports, was heavily targeted by Russian missile strikes, causing severe damage. Combined damage to civilian infrastructure and energy industries already exceeds USD 50 billion. Since the beginning of hostilities, 18 airports, at least 344 bridges and overpasses, and over 25,000 kilometers of roads were damaged.