Notwithstanding the ongoing war, the Ukrainian banking and financial services industry continues to operate without interruptions and shows great resilience and stability. Ukrainian legislation continues to develop at the same time, bringing the standards of banking and financial services closer to the EU requirements.

With ESG gradually coming into focus, companies, industries, and whole countries are looking to the TMT sector for guidance. CMS Ukraine Partner Olga Belyakova and CMS Bosnia and Herzegovina Counsel Sanja Voloder share their insights.

The National Bank of Ukraine (“NBU”) recently allowed Ukrainian borrowers to transfer foreign currency (“FX”) funds abroad to fulfil their obligations under the following categories of loans from foreign lenders:

The National Bank of Ukraine (NBU) gradually continues to lift martial law limitations for cross-border borrowings.

Sayenko Kharenko has advised Citibank and UK Export Finance on a GBP 26.3 million equivalent export loan provided to Ukraine under UKEF’s guarantee, to finance the reconstruction of bridges around Kyiv.

Freshfields Bruckhaus Deringer has signed the memorandum of understanding and is providing pro bono legal advice to the Ministry of Economy of Ukraine as it establishes a development fund to attract public and private sector capital for the future reconstruction and recovery of its economy.

On 22 June 2023, the Law of Ukraine on Amendments to Certain Legislative Acts of Ukraine on Optimizing the Operations of the State Property Fund of Ukraine, Increasing the Effectiveness of State Property Management and Improving the Effectiveness of Sanctions Policy ("Law") became effective.

With a new cryptocurrency regulation in the legislative pipeline, Ukraine's anti-aggression measures are also ramping up, presenting even more uncertainties and challenges for all business sectors in the country and keeping lawyers on their toes, according to Sytnyk & Partners Counsel Artem Sokurov.

With effect from 16 May 2023, Ukrainian borrowers are allowed to make payments from Ukraine abroad to repay and service certain
cross-border loans from foreign lenders. This applies to the loans that are:

Dentons has advised Farmak on a series of acquisitions from a portfolio company of private equity house Novator. 

The laws of Ukraine define force majeure as an extraordinary and unpreventable event, man-made or act of God, which objectively makes impossible the performance of contractual obligation(s) by one or both parties to a contract. Force majeure exempts a non-performing party from liability (penalties) for breach of contractual duty if caused by force majeure rather than from the performance of contractual obligations.

CMS has advised the European Bank for Reconstruction and Development on its acquisition of a 35% stake in the Lviv M10 industrial park project in Western Ukraine, developed by Dragon Capital. Aequo reportedly advised Dragon Capital.

Contributed by Arzinger.

At the end of March, the Antimonopoly Committee of Ukraine (the "AMC") published its Annual Report for 2022 (the "Report").

Integrites has been providing pro bono legal advice to the military personnel protecting Ukraine in the war against Russia, as well as to members of their families.

Ilyashev & Partners has provided pro bono legal support to the family of a fallen Ukraine's Armed Forces soldier in receiving UAH 15 million in financial compensation.

Asters has successfully defended the interests of the Home Box Office company in a dispute before Ukrainian courts regarding the production and distribution of its Chornobyl limited series in the country.

Contributed by Integrites.