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Doing business in Ukraine
Contributed by AstapovLawyers
Ukraine is the second largest country in Europe and its position is of strategic importance for the entire continent. Bordered by Belarus, Russia, Romania, Moldova, Hungary, Slovakia and Poland, Ukraine has access to the Black Sea and the Sea of Azov. In addition to having sufficient human, technical and natural resources, Ukraine is at the crossroads of Central European, Central Asian and Middle Eastern traditions. This makes the country an attractive place for trade and foreign investment and has a favourable impact on its business image.
Legal market overview
While Ukraine has a strong agricultural industry, foreign investment in other sectors has been diminished by Russia’s annexation of Crimea and conflict in the self-proclaimed people’s republics in Donetsk and Lugansk.
There is little transactional work in the legal market and few M&A and real estate deals reach completion, although there is widespread optimism that conditions will improve as early as the second half of 2016. Dispute resolution, meanwhile, is an extremely busy area of practice.
The government is moving ahead with its EU association policy, but progress has been slow and many legislative changes are still required. Many prominent lawyers are taking government positions to push forward reforms.
Some international law firms remain in Ukraine, including Baker & McKenzie – CIS, Limited, DLA Piper Ukraine LLC and Dentons. However Gide Loyrette Nouel A.A.R.P.I. closed its Kiev office, with many partners joining Integrites; Clifford Chance sold its business to local lawyers who now operate as Redcliffe Partners; and Schoenherr has also left, moving its Ukraine desk to Austria.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
Firms in the spotlight
Onstan Law Firm
Founded in 2013, Onstan Law Firm is a full-service, internationally focused firm in Ukraine. The firm was formed by Yuriy Fedchyshyn, a tax lawyer, Olena Marchuk, a real estate lawyer, Andriy Fedchyshyn, a corporate lawyer and litigator, and Nataliya Khorushko, a banking lawyer and manager who was previously a deputy director of a branch of a large international bank.
GC Powerlist -
INSIGHT: Hard graft
the pan-Europe bribery crackdown
As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.
Search News and Articles
AstapovLawyers Partner Eugene Blinov & the firm's Associate Roman Protsyshyn share their recent arbitration practice regarding applicable law in contractual disputes.
The 2008 financial crisis peak had hardly faded away, when another breaking news was brought to the surface in CIS countries: a significant part of the funds advanced during the pre-crisis period by banks and other financial institutions to support various businesses and commercial initiatives, flew beyond national frontiers to be found in Panama, BVI, Seychelles, Jersey, Cyprus and other offshore and onshore jurisdictions in the pockets of numerous private persons, mostly CIS nationals. No surprise this fact led to a tsunami of disputes, one way or the other related to repayment of loans and funds advanced under other types of finance arrangements. Many of those disputes are still pending, thus, keeping finance arrangements among the top-litigated issues within CIS borders.
Article V1(b) of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, better known as the New York Convention, provides that recognition and enforcement of a foreign arbitral award may be refused, at the request of the party against which it is invoked, only if that party furnishes proof to the competent authority where the recognition and enforcement is sought that it was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings. However simple at first glance, the question of what constitutes 'proper notice' turns out to be less than clear in practice.
6 February has marked lawyers’ calendars with an important message from the UK Supreme Court: English courts will not accept the jurisdiction over a dispute having the “centre of gravity” in another country. AstapovLawyers' Managing Partner Andrey Astapov and Associate Anna Kombikova comment on a recent CIS precedent.
The Presidium of the Ukrainian Chamber of Commerce and Industry (UCCI) recently amended Article 52 of the Rules of the International Commercial Arbitration Court (ICAC) at the UCCI. This article governs the procedure for forwarding an arbitral award to the parties to arbitration proceedings.
Eugene Blinov and Anna Kombikova of AstapovLawyers ILG commented on peculiarities of enforcement of arbitral awards against Ukrainian bankrupt companies. The lawyers noted the risks connected with such cases and suggested possible solutions.
The mitigation of damages is a well-known principle in international legal practice. However, in Ukraine there is no widely applied court and arbitration practice on the issues relating to mitigation of damages, and aggrieved parties may be unclear as to what should and can be done.
The Cabinet of Ministers of Ukraine at its meeting on August 29 resolved  to amend its Resolution "On approval of the Order for the use of funds allocated in the state budget for payments related to implementation of judgments of foreign jurisdictional authorities rendered upon consideration of matters against Ukraine" (the "Government Resolution"). Appropriate amendments were prepared by the Ministry of Justice (responsible for protecting the state's interests in foreign courts and arbitral tribunals) in order to improve mechanisms to protect the rights and interests of Ukraine in foreign judicial and arbitral proceedings.
Ukrainian district court allowed attachment of property located in Ukraine on the basis of UK procedOn 1 June 2012 Goloseevskiy district court of Kyiv city rendered a decision whereby it recognized and enforced the Order of the High Court of Justice Queen Bench Division Commercial Court (Order). As a result, Ukrainian court allowed attachment of Debtor’s assets located in Ukraine.
On 5 July 2012, the Parliament of Ukraine adopted the Law Of Ukraine “On Amending Section XX “Transitional Provisions” of the Tax Code of Ukraine on Peculiarities of Taxation of Software Companies” (the “Law”). The Law came into force on 3 August 2012. The tax incentives introduced by the Law provide for a very favourable tax regime for companies operating in the IT industry and are likely to be widely used by national and international businesses. Below we provide the brief description of the incentives introduced by the Law.
Moscow, April 18 th – We are pleased to announce that AstapovLawyers International Law Group is extending the range of services offered to clients. Luxury Retail Consulting, a luxury brands focused agency, joined AstapovLawyers International Law Group on April 11 th , 2016. Daria Goulko, the agency’s Managing Partner and CEO, joined AstapovLawyers as Partner and Head of Luxury Retail Practice that will operate under the brand name of AstapovLawyers.
AstapovLawyers International Law Group has represented its Georgian client in a dispute with a major multinational manufacturer in the soft drinks industry.
Kyiv, 13 April 2016 – AstapovLawyers International Law Group has once again been named amongst the leading law firms in Ukraine, with its Corporate/M&A, Dispute Resolution, Energy, Intellectual Property, Real Estate & Construction, and Tax practices top-ranked in the 2016 edition of The Legal 500 EMEA directory.
Kyiv, April 4th, AstapovLawyers International Law Group is happy to announce the promotion of Igor Semenov, Senior Associate and the firm’s Coordinator of Asset Tracing and Recovery Practice to the position of a Counsel.
– AstapovLawyers International Law Group announces on joining as a member and the only Ukrainian firm in the one of the biggest world lawyers association – PLG International Lawyers.
Kyiv, March 14th – Oleh Beketov, Partner and Head of International Litigation Department of AstapovLawyers International Law Group, acted as an expert on the issues of Ukrainian legislation, in the litigation "Pinchuk against Bogolyubov and Kolomoisky», which was considered by the High Court of Justice in London. The dispute concerned on the shares of Krivorozhskiy Zhelezorudnyy Kombinat (KZhRK, Krivoy Rog iron-ore plant), and parties referred to the norms of the Ukrainian law.
Moscow, 29 March 2016 - AstapovLawyers International Law Group has taking 24th position of 50 largest law firms in Russia, according to the annual ranking by "Kommersant", published on 29 March 2016 in a special edition Legal Business.
AstapovLawyers International Law Group announces on joining as a member and the only Ukrainian firm in the one of the biggest world lawyers association – PLG International Lawyers.
AstapovLawyers acted as legal advisor to one of the largest online sports projects in Russia-Sports.ru in purchasing of a Belarusian mobile applications developer for football fans - 90live.org.
Kyiv, 31 December 2015 - Avellum Partners acted as Ukrainian counsel to the City of Kyiv on the restructuring of its USD250 million 8% Loan Participation Notes due 2015 (the “2015 Notes ”) and USD300 million 9.375% Loan Participation Notes due 2016 (the “2016 Notes ”).