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Ukraine confidently declared its intention to bring its legislation into line with EU standards by signing the Ukraine-European Union Association Agreement in 2014, which obliges Ukraine to implement a number of EU Directives, including those regulating various aspects of corporate governance.

In 2016-2017 Ukrainian authorities introduced many important legislative changes in the energy sector in line with the country’s commitment to implementing the Third Energy Package as a member of the Energy Community and as a party to the EU-Ukraine Association Agreement. 

The growing interdependence of world economies, driven by the reduction and removal of trade barriers, cheaper transport and communication costs, and increased use of the Internet (facilitating easier access to foreign markets), as well as by the growth of multinational corporations, has resulted in unprecedented cross-border trade and capital flows. At the same time, it has also opened up new opportunities for multinationals to reduce their profit in high-taxed jurisdictions by exploiting gaps and mismatches in domestic and international tax rules to artificially shift it to low-taxed countries (or tax havens).

After a period of political and economic instability which put M&A transactions in Ukraine into a dormant mode, the country is starting to show signs of revival. As the economy recovers and new legislation aimed at strengthening the rule of law and simplifying doing business is adopted, investors are again looking towards Ukraine with interest. 

Asters is providing legal counsel to the Black Sea Trade and Development Bank in connection with its USD 5 million financing to Novotech-Terminal Ltd., a Ukrainian private stevedoring company.

The Russian annexation of Crimea in March 2014 and subsequent military actions in Eastern Ukraine left Ukraine reeling. It took a while for the country to develop a strategy and institute its first arbitration and court actions against the Russian Federation. These first legal challenges are now bearing fruit, as several landmark decisions have recently been delivered by major international dispute resolution venues.

Rob Shantz is a partner and the Head of the Corporate practice of Redcliffe Partners. He is a US-qualified lawyer with over 28 years of experience, including some 20 years in Central and Eastern Europe. Shantz specializes in cross-border corporate law and corporate governance matters, as well as in FCPA compliance investigation.

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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