“The Russian Government has been very active in addressing concerns of business regarding inadequate regulatory control that has been increasing over last years,” says Andrey Ryabinin, Partner at Integrites in Moscow. “Several declarations have been made in this respect. As part of the reform known as 'regulatory guillotine' the Government is expected to eliminate in 2020-2021 several thousand outdated and excessive regulations in various industries regarding technical standards and requirements in business practice, most of which date back all the way to the Soviet times.”
The COVID-19 pandemic is making a significant impact on international commerce with Ukrainian counterparties involved. Interrupted supply chains of goods (especially if they were partly or fully produced in China), inability to provide services, perform works during quarantine, and to conduct regular business operations are just a few problems that lots of companies have encountered.
Integrites and Switzerland's HFW law firm have advised MUFG Bank and a syndicate of lending banks including Citi, Credit Agricole, and Societe Generale on a limited recourse term loan to finance Trafigura’s acquisition of copper cathodes from the Swiss trading arm of the Russian mining group Norilsk Nickel.
Starting from October 21, 2019 a new bankruptcy code entered into force in Ukraine substituting the law that had been in effect since 1992 (the «Law»). New legislation is aimed at making the procedure more efficient and expedient, as well as at granting the creditors more control over the insolvency process.
On 31 January 2020, the Resolution of the Cabinet of Ministers of Ukraine (“CMU”) “On Implementation of Competitive Conditions of Stimulating the Production of Electric Power from Alternative Energy Sources”, dated 27.12.2019, No. 1175 (“Resolution”), came into force. The Resolution has adopted, inter alia, the procedure on holding the support quota distribution auctions (“Procedure”).