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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 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

 

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