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"Elections will definitely effect society," says Avellum Co-Managing Partner Aminat Suleymanova, referring to the upcoming Ukraine Presidential elections scheduled for March 31, 2019, and Parliamentary elections scheduled for October 27, 2019.

Currency regulations in Ukraine have always been among the most significant impediments to foreign investments and access of Ukrainian businesses to foreign markets. In 2014, substantial external imbalances, capital flight risks, and panic in the foreign exchange market prompted the National Bank of Ukraine (NBU) to adopt tight capital controls, a number of which remain in effect. Notwithstanding the alleged soundness of such temporary measures, both foreign investors and Ukrainian businesses have long called for clearer and more predictable currency regulations, as well as safeguards to protect their interests. In July 2018, Ukraine finally adopted the long-awaited “On Currency and Currency Transactions” law (the “Currency Law”) which is intended to replace the archaic currency control legislation. The effectiveness of the new legal framework, however, can only be assessed once the NBU lays out detailed rules in its regulations.

In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: Who was your mentor, and what was the most important lesson you learned from him or her?

Integrites has announced that it has merged with Pravochyn Attorneys at Law. Both firms will operate under Integrites brand, which now – including Pravochyn founder Oleksandr Onishchenko, who joins as a partner ⎯ has 17 partners and 8 counsels.

Axon Partners, with offices in Kyiv and Lviv, and Kharkiv's Oksana Kobzar Law Office have announced that they will merge, operating going forward under the Axon Partners brand, and with offices in all three cities.

Many real estate experts and market players are upbeat about the positive trends on the Ukrainian real estate market, which is recovering after a significant downturn in 2013–2015. As the political and economic situation improves and the conflict in the south-west of the country stabilizes, foreign investors, attracted by market opportunities, are showing increasing interest in Ukraine.

The International Trade Law Practice team of Ilyashev & Partners Law Firm is advising the Ukrainian Association of Producers of Ferroalloys and other Electrometallurgy Products and Ukrainian producers of ferrosilicomanganese during a five-year review of anti-dumping duties – a so-called sunset review – on imports of ferrosilicomanganese from Ukraine and the People’s Republic of China.

Asters and the Ukrainian office of Egorov Puginsky Afanasiev & Partners have announced that they will merge on October 1, 2018, operating thereafter under a name which they have not yet disclosed.

On 2 August 2017 the state aid regime, based on the requirements of the EU-Ukraine Association Agreement (the "Association Agreement"), fully entered into force in Ukraine. Before this there were no state aid rules in place, and state support was distributed by the Ukrainian authorities as was deemed appropriate according to fast-changing industrial and regional policy objectives. The Ukrainian government has, traditionally, heavily supported producers in a number of so-called "priority" industries such as steel, fuel and energy, coal mining, aircraft manufacturing and shipbuilding. In the energy sector alone, total budget revenue relinquished under special tax benefits allowed to undertakings accounted for up to 3.5% of GDP annually. The introduction of state aid control is expected to bring more transparency and higher standards in the management of public spending. In particular, all existing state aid programmes implemented before 2 August 2017 should be notified to the Antimonopoly Committee of Ukraine (the "AMC") until 2 August 2018, and all new state aid may be granted only following the prior approval of the AMC.

According to experts, Ukraine ranks fourth in the world in export of IT-products; i.e., software. It is not a rare phenomenon for Western counter-parties buying software to encounter a low level of pre-sale clearance. In other words, the Ukrainian sellers are not always able to confirm their title rights to the software they dispose of, potentially exposing foreign buyers to the risk of IP-related claims of third parties.

On May 7, 2018, CEE Legal Matters reported that DTEK Renewables is developing the Nikopol solar power plant project in Ukraine, which will be the most powerful in the country. We reached out to Ivan Lyakh, General Counsel for DTEK Renewables, for comment.

“Corruption continues to be among the biggest issues in Ukraine,” says Lidiya Klymkiv, Partner at Axon Partners. “There is some kind of quiet consent with corruption, not only among ordinary people, but also in the legal market itself, as there are many stories involving unethical behavior of representatives of the legal profession in court.”

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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