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Asters Advises on First Ever Issuance of Multimillion Customs Guarantee in Ukraine

Asters Advises on First Ever Issuance of Multimillion Customs Guarantee in Ukraine

Ukraine
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Asters has advised ED&F Man on the issuance for the company of a UAH 195 million customs guarantee by Ukrgasbank in favor of the State Fiscal Service of Ukraine.

According to Asters, "this project was the first in Ukraine to involve customs guarantee issued by a Ukrainian bank."

PJSC Joint Stock Bank "Ukrgasbank" was founded in 1993 and is headquartered in Kyiv. A controlling stake of the bank’s equity belongs to the Ukrainian Ministry of Finance. Ukrgasbank is among top 10 banks of Ukraine in terms of total assets, according to the National Bank of Ukraine.

Yurii Khramov, Deputy Chairman of the Board of Ukrgasbank, explained that: "The Customs Code of Ukraine provides for use of a customs guarantee. Such tool allows importing or exporting goods for processing via tolling scheme (including repair or upgrade), as well as to import goods temporarily into the customs territory of Ukraine or to move goods through the territory of Ukraine in transit regime without customs payments. The main advantage of this inexpensive financial vehicle is that there is no need to use the company's current assets or obtain expensive loan facilities to secure relevant customs taxes and duties when putting the goods at the relevant customs regime in Ukraine."

"This innovative project will support one of the leading agriculture producers in Ukraine, fostering economic activity and securing jobs in our country," commented Asters Partner Oleksiy Khomyakov, who led the firm's team on the deal. "We are happy to be a part of the project aimed at the further strengthening of the economic development of Ukraine."

Khomyakov was assisted by Associate Oksana Legka.

Ukraine Knowledge Partner

Avellum is a leading Ukrainian full service law firm with a special focus on finance, M&A, and dispute resolution. Our goal is to be the firm of choice for our clients with respect to their most significant business transactions. We bring the most advanced Western legal techniques and practice, which, coupled with our first-hand knowledge, broad industry experience, and unparalleled level of service, will help our clients achieve best results in their business endeavours. We work seamlessly in integrated teams with premier US, UK and European law firms in course of multijurisdictional transactions. The team consists of 26 highly qualified attorneys, including three partners – Mykola Stetsenko, Glib Bondar, and Dmytro Marchukov, who are actively involved in every transaction. Avellum is recognised as one of the leading law firms in Ukraine by various international legal directories and Ukrainian legal editions (Chambers, Legal500, IFLR1000, Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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