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Ukraine Closes War & Sanctions Portal

Ukraine Closes War & Sanctions Portal

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On 19 March 2024, the Ukrainian Government decided to close a sanctions-related database maintained by the National Agency on Corruption Prevention (“NACP”).

Back in early 2022, the NACP had initiated the “War & Sanction Portal”. This online portal featured sections like “International Sponsors of War”, “Candidates for Sanctions” and other lists covering a range of areas. It also included lists of individuals and companies that were being sanctioned in Ukraine and its partner countries (“Database”).

The Database was set up as part of a wider effort led by the Yermak-McFaul Sanctions Group to enhance sanctions and put pressure on Russia to cease its war against Ukraine. The NACP analysed publicly available information about companies and individuals and listed the ones, who financially supported the Russian government through business or other means. Although inclusion on the lists did not lead to immediate legal consequences, it could cause reputational damage.

The Ukrainian Government stated that there was no regulatory framework for the existence of the Database. In addition, the Ukrainian Government sees no need in maintaining the Database, as all official information on the imposed sanctions is included in the State Register of Sanctions (link).

Information on persons from the “International Sponsors of War” list will be transferred to the Interagency Working Group on the Implementation of the State Sanctions Policy to process and assess the existence of grounds for imposing sanctions on the persons.

As a result, the State Register of Sanctions will from now on serve as the sole official database of sanctioned entities in Ukraine.

By Yuriy Nechayev, Partner, Avellum

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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