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Over the past years, Ukraine expressed its intention to step on the energy transition pathway, develop energy efficiency measures, phase out fossil fuels, and switch to renewable energy sources (RES). The development of green hydrogen production (based on electrolysis of water using renewable electricity) is part of the chosen direction. Therefore, the Ministry of Energy of Ukraine and more than 20 Ukrainian companies have joined the European Clean Hydrogen Alliance to coordinate efforts to develop hydrogen energy.

Let me start with a provocative statement: it is really easy and safe to do business in Ukraine today. As discussed in the article below, this is not a naive view of a Ukrainian lawyer but pure facts and statistics. Moreover, if you compare Ukraine with its neighbors, the contrast is startling: information transparency of companies coupled with super-fast registration procedures and special regime for IT companies are astonishing.

The Ukrainian legal services market has been buzzing with work in the first half of 2021. CEE Legal Matters hosted a round table conversation in which Partners at Asters, Avellum, Integrites, Kinstellar, and Sayenko Kharenko discussed the driving forces behind the workload and their outlook for the months to come.

According to Avellum Partner Maksym Maksymenko, the key developments in the country’s economy revolve around infrastructure projects, agricultural land regime liberalization, and large-scale privatization of certain state-owned companies. Maksymenko also reports several updates in legislation, primarily in the areas of zoning and city planning, and capital markets.

On 21 July 2021, Law of Ukraine “On Amendments to Tax Code of Ukraine and Other Laws of Ukraine on Stimulating De-Shadowing of Income and Improving Tax Culture of Citizens by Introducing One-Time (Special) Voluntary Disclosure by Individuals of Their Assets and Payment to Budget of One-Time Duty” No. 1539-IX, dated 15 June 2021 (“Tax Amnesty Law”), entered into force.

On 2 July 2021, Law of Ukraine “On Amending the Tax Code of Ukraine on Abolition of Taxation of Income Received by Non-Residents in the Form of Payment for Production and/or Distribution of Advertisements and Improvement of Value-Added Taxation of Transactions Involving the Supply of Electronic Services by Non-Residents to Individuals” No. 1525-ІХ (the “Law”) entered into force. The Law introduces VAT on digital services supplied by non-residents to Ukrainian individual customers and abolishes 20% withholding tax on advertising services.

Avellum has advised State Road Agency of Ukraine Ukravtodor on a debut USD 700 million issuance of 6.25% guaranteed notes due 2028 with a benefit of the sovereign guarantee as well as the Ministry of Finance of Ukraine on the actual sovereign guarantee. Sayenko Kharenko and Linklaters advised managers J.P. Morgan, Dragon Capital, and Ukreximbank.

The long-awaited Law of Ukraine “On amendments to the Land Code of Ukraine and other legislative acts to improve the governance of land relations and their deregulation” No. 1423-IX (“Law”) entered into force (save for certain provisions).

Avellum at a Glance

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com