On 2 May 2023, the Ukrainian Parliament adopted Law “On Amendments to the Laws of Ukraine Regarding Improvements of Legal Regulation of Notarial and Registration Actions When Acquiring the Land Plots” No. 3065-IX (“Law”).

Despite the challenges, Ukraine’s internal economy remains strong – and there are significant opportunities for those who can navigate the complexities of the current situation – with lawyers busy with litigation and arbitration, sanctions and antitrust, as well as restructuring and privatization matters, according to Arzinger Founding and Managing Partner Timur Bondaryev.

Everlegal has become the legal partner of the USAID/ENGAGE program – funded by USAID and implemented by Pact in Ukraine – in an educational project aiming to provide legal support to civil society organizations, small and medium-sized enterprises, and the citizens of Ukraine on martial law and other regulatory changes introduced during the war.

On 5 July 2023, the President of Ukraine signed Law of Ukraine “On Consumer Protection” No. 3153‑IX (the “CP Law”). Most provisions of the CP Law will become effective one year after its publication, which is yet to be made, but not earlier than the date of termination or cancellation of martial law in Ukraine.

Former Counsels Oleksiy Stolyarenko and Andrii Moskalyk have been appointed as Partners with Baker McKenzie in Kyiv on July 1, 2023.

On June 27, 2023, Asters Partner Markiyan Kliuchkovskyi was voted in as Executive Director of the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine. Following the appointment, Kliuchkovskyi resigned from his partnership at Asters on July 1, 2023.

Notwithstanding the ongoing war, the Ukrainian banking and financial services industry continues to operate without interruptions and shows great resilience and stability. Ukrainian legislation continues to develop at the same time, bringing the standards of banking and financial services closer to the EU requirements.

With ESG gradually coming into focus, companies, industries, and whole countries are looking to the TMT sector for guidance. CMS Ukraine Partner Olga Belyakova and CMS Bosnia and Herzegovina Counsel Sanja Voloder share their insights.

The National Bank of Ukraine (“NBU”) recently allowed Ukrainian borrowers to transfer foreign currency (“FX”) funds abroad to fulfil their obligations under the following categories of loans from foreign lenders:

The National Bank of Ukraine (NBU) gradually continues to lift martial law limitations for cross-border borrowings.

Sayenko Kharenko has advised Citibank and UK Export Finance on a GBP 26.3 million equivalent export loan provided to Ukraine under UKEF’s guarantee, to finance the reconstruction of bridges around Kyiv.

Freshfields Bruckhaus Deringer has signed the memorandum of understanding and is providing pro bono legal advice to the Ministry of Economy of Ukraine as it establishes a development fund to attract public and private sector capital for the future reconstruction and recovery of its economy.

On 22 June 2023, the Law of Ukraine on Amendments to Certain Legislative Acts of Ukraine on Optimizing the Operations of the State Property Fund of Ukraine, Increasing the Effectiveness of State Property Management and Improving the Effectiveness of Sanctions Policy ("Law") became effective.

With a new cryptocurrency regulation in the legislative pipeline, Ukraine's anti-aggression measures are also ramping up, presenting even more uncertainties and challenges for all business sectors in the country and keeping lawyers on their toes, according to Sytnyk & Partners Counsel Artem Sokurov.

With effect from 16 May 2023, Ukrainian borrowers are allowed to make payments from Ukraine abroad to repay and service certain
cross-border loans from foreign lenders. This applies to the loans that are:

Dentons has advised Farmak on a series of acquisitions from a portfolio company of private equity house Novator. 

The laws of Ukraine define force majeure as an extraordinary and unpreventable event, man-made or act of God, which objectively makes impossible the performance of contractual obligation(s) by one or both parties to a contract. Force majeure exempts a non-performing party from liability (penalties) for breach of contractual duty if caused by force majeure rather than from the performance of contractual obligations.

CMS has advised the European Bank for Reconstruction and Development on its acquisition of a 35% stake in the Lviv M10 industrial park project in Western Ukraine, developed by Dragon Capital. Aequo reportedly advised Dragon Capital.