Following the implementation of the first stage of the Competition Law reform, the Antimonopoly Committee of Ukraine (AMC) unveiled a new Draft Law on 24 July 2024, marking the second stage of the reform. This draft aims to further align Ukrainian competition legislation with EU standards and refine certain previous changes.

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.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As partner departures are inherent to the workings of any law firm, and likely demand clear strategies for navigating, this time around we asked: What are the three most important items on your checklist when a Partner leaves your firm?

With effect from 11 July 2024, the National Bank of Ukraine (“NBU”) introduced a long-awaited exemption from the moratorium on foreign currency cross-border transfers (“Moratorium”). This exemption is expected to facilitate the repayment of Eurobonds by major Ukrainian corporate issuers, which had faced significant challenges in making payments under their Eurobonds since the beginning of the full-scale russian invasion of Ukraine on 24 February 2022.

Sayenko Kharenko has advised the European Fund for Southeast Europe on a EUR 10 million equivalent loan in UAH to Bank Lviv.

Vasil Kisil & Partners has successfully represented Rost Agro in a UAH 33 million tax dispute before the Court of Appeal.

CMS has advised Dutch Good Growth Fund on obtaining the necessary regulatory approval for its acquisition of a significant shareholding in the joint-stock company Joint Stock Bank Lviv. CMS has also advised Bank Lviv on certain transactional documents in the acquisition.

A summary of recent legislative developments in the fields of energy and natural resources in Ukraine.

On 11 July 2024, new foreign currency (“FX”) easings came into effect to increase Ukraine's investment attractiveness and raise private foreign capital. Specifically, the latest package of amendments, introduced by Resolution No. 83 of the National Bank of Ukraine (the “NBU”) dated 09 July 2024 (“Resolution No. 83”), includes the following FX liberalization measures.

On 25 April 2024, Ukrainian Parliament adopted the Law of Ukraine “On Amendments to the Labour Code of Ukraine on Establishing Additional Grounds for Termination of Employment Agreement at the Initiative of the Employer and Certain Other Issues” (the “Law”), which is aimed at strengthening the protection of Ukraine's national security.

The National Commission for State Regulation of Energy and Public Utilities (NEURC) issued Resolution No. 1172 on 26 June 2024 "On Approval of Amendments to Certain NEURC Resolutions. This resolution allows for the signing of five-year agreements in the ancillary services market by introducing special auctions.

Outgoing NATO Secretary General Jens Stoltenberg has secured the unanimous support of NATO country ambassadors for €40 billion (approximately US$43 billion) in lethal and non-lethal military aid to Ukraine in 2025. NATO leadership is expected to approve the agreement during the annual NATO Summit, which will take place July 9-11, 2024 in Washington, DC.

Contributed by Baker McKenzie.

On June 26, 2024, Ukraine’s National Energy and Utilities Regulatory Commission (NEURC) adopted the Resolution "On Approval of Amendments to Certain Resolutions of the NEURC", which introduces special auctions for ancillary services. The Resolution aims to facilitate much-needed investment into energy generating capacity and energy storage units in Ukraine, and will ultimately contribute to better grid balancing in the country.

Schoenherr has advised the Schwarzmueller Group on a partnership with the Krone Group. CMS reportedly advised the Krone Group.

The United States and Ukraine have entered into a 10-year bilateral security agreement (“Security Agreement”), providing a framework for continued US support for Ukraine’s defense and deterrence capabilities, as well as for Ukraine’s economic recovery and reconstruction.