CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
On 26 December 2024, the Law “On Amendments to the Criminal Code of Ukraine, the Criminal Procedure Code of Ukraine, and Other Legislative Acts of Ukraine to Improve Mechanisms for Holding Legal Entities Accountable for Bribery of Foreign Officials” No. 4111-IX entered into force. It is meant to implement the OECD Council’s Recommendation on Combating Bribery of Foreign Public Officials in International Business Transactions.
On 23 December 2024, the Register of Damages for Ukraine caused by the aggression of the russian federation against Ukraine (the “Register”) published the forms and rules for submitting claims for compensation in newly opened categories of claims. This will allow individuals and legal entities, as well as the state of Ukraine, to start preparing the necessary documents in 30 out of the 45 planned categories.
With effect from 21 December 2024, the National Bank of Ukraine (“NBU”) introduced new exemptions from the moratorium on foreign currency cross-border transfers. Notably, these changes broaden the scope of existing exemption for Ukrainian corporate issuers permitting to make payments in connection with Eurobond-related obligations, described in our earlier legal alert.
Popescu & Asociatii Partner Loredana Popescu and Avellum Partner Maksym Maksymenko look at the current status of agribusiness in their countries – both traditional powerhouses in the sector – highlighting how they are managing to show resilience despite tough years.
On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.
Starting from 20 November 2024, the National Bank of Ukraine (“NBU”) enacted amendments to the existing currency control restrictions under the moratorium on foreign currency cross-border transfers (“Moratorium”). These amendments aim to facilitate international trade cooperation and technical assistance projects while simultaneously strengthening compliance measures for certain exemptions.
Avellum has advised the Ukraine-Moldova American Enterprise Fund on launching its USD 50 million direct investment program.
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.
Avellum has advised the Ministry of Finance of Ukraine on a CAD 400 million concessional loan from Canada.
On 13 August 2024, the Ukrainian Government adopted Order No 757-p “Certain Issues of Pilot Auctions for the Allocation of the Support Quota in 2024” (“Green Auctions Order”) scheduling the first auctions for supporting renewable energy producers under the feed-in premium mechanism (“Feed-in-Premium”) later this year.
CMS has advised a consortium led by NJJ Holding and Horizon Capital on the acquisition of Datagroup-Volia and Lifecell. Avellum advised NJJ on obtaining merger control clearance from the Antimonopoly Committee of Ukraine for the acquisition. Kinstellar also advised NJJ.
Avellum has advised the European Bank for Reconstruction and Development on a senior EUR 70 million loan to New Post LLC – the principal operating subsidiary of Nova group.
Weil and Sayenko Kharenko have advised an ad hoc committee of bondholders of Ukraine’s Eurobonds on a USD 23 billion restructuring of Ukraine’s sovereign debt. White & Case and Avellum reportedly advised the Ministry of Finance of Ukraine.
Avellum has advised PJSC Ukrnafta on obtaining unconditional merger clearance from the Antimonopoly Committee of Ukraine to manage Tatneft.
Hillmont Partners and Avellum have successfully represented GNT Group's creditors and have stopped an attempted corporate raid.
Avellum has advised the Greenville group of companies on the sale of a ready-to-build wind power plant with an overall projected capacity of approximately 150 megawatts to the Galnaftogaz Group. Law Whales reportedly advised the Galnaftogaz Group.
Avellum, working with Kirkland & Ellis, has advised Aspia on its acquisition of Accountor Outsourcing.
Avellum has advised Knorr-Bremse on obtaining merger clearance from the Antimonopoly Committee of Ukraine for its acquisition of Alstom Signaling via its subsidiary Knorr Brake Holding Corporation.
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