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Editorial

Doing Business in Ukraine: Economic Recovery and Prominent Future

Contributed by Avellum

Doing Business in the Ukraine graphic

Last couple of years presented a tough challenge for Ukraine and exposed a number of political, as well as economic problems within the country. The scope of these problems led to a popular belief that the new Ukrainian government stands very little chance in taking meaningful steps to attract foreign investment in the near future.

However, since 2015, the Government proved to be capable of enhancing Ukraine's investment appeal and creating favourable business environment in the country. A number of significant reforms were introduced boosting foreign investments and support of Ukrainian business in the aftermath of economic and political turmoil.

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Legal market overview

Ukraine remains in a volatile state. Its strong agricultural sector is vital to the economy of Europe and after a period during which tensions with Russia and the conflict seemed to have cooled, the economy was showing positive growth signals and sectors such as IT and energy were picking up. In late 2018, however, martial law was declared in ten regions following Russia’s attacks on three Ukrainian ships in the Azov Sea and its decision to stop all commercial shipping through the Kerch Strait. Martial law is no longer in effect, but the situation remains tense.

Up to that point, foreign investment had started to pick up again, though the forthcoming elections in 2019 had caused some investors to wait for the outcome, which is seen as an indicator of whether Ukraine will continue to look west towards Europe or turn its focus east to Russia. Nevertheless, the ongoing programme of reforms has seen new investment laws and currency regulation come into force, which have made the market more attractive to investors. For now, the trend of regulatory reform is geared towards harmonisation with European Union standards. Anti-corruption measures are also having a tangible impact on public institutions such as the Supreme Court.

Among the domestic law firms, there are many that handle large domestic and cross-border matters – including Aequo, Asters, Avellum, Arzinger, Sayenko Kharenko and Vasil Kisil & Partners â€“ as well as a host of more specialised firms that excel in areas such as finance or dispute resolution – among which are ARBITRADE, LCF Law Group and Lexwell & Partners. The major news in the market is the de facto merger of Asters with Egorov Puginsky Afanasiev & Partners, though the latter retains a small presence to handle commercial and investment matters, largely for Russian clients.

International law firms including Baker McKenzie, Kyiv Office, DLA Piper Ukraine LLC, CMS and Dentons play key roles in cross-border and, increasingly, domestic matters, as do strong regional firms such as Kinstellar and Integrites.

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Legal Developments in Ukraine

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Medicines advertising and unfair competition in Ukraine

    In Ukraine, advertising of medicines represents the largest share in terms of volume both on TV and Internet. Advertisers are increasingly struggling to attract the attention of older advertising consumers, strongly influenced by advertising as they trust the advertising messages they see, read or hear and do not seek advice from a doctor. At the same time, an important role is played by the advertiser’s strict adherence to the advertising law requirements for protection against unfair competition when creating and placing advertisements related to medicines and medical products, etc.
  • Medicines advertising and unfair competition in Ukraine

    In Ukraine, advertising of medicines represents the largest share in terms of volume both on TV and Internet. Advertisers are increasingly struggling to attract the attention of older advertising consumers, strongly influenced by advertising as they trust the advertising messages they see, read or hear and do not seek advice from a doctor. At the same time, an important role is played by the advertiser’s strict adherence to the advertising law requirements for protection against unfair competition when creating and placing advertisements related to medicines and medical products, etc.
  • Inward Processing in Ukraine

    For years the Ukrainian government has been making efforts to find effective solutions to increase the Ukrainian economy efficiency and to create conditions for its further growth. To find such solutions is not an easy task. It is also important to take a closer look at the experience of the countries that used to have similar economic starting positions as Ukraine has now.
  • Sayenko Kharenko wins twice at The Lawyer European Awards 2019

    Sayenko Kharenko wins twice atThe Lawyer European Awards 2019
  • AVELLUM advises on IBRD-supported financing for Ukraine

    AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with two syndicated EUR-denominated facilities arranged by Deutsche Bank in December 2018 and March 2019 for the total amount equivalent to approximately USD1 billion.
  • AVELLUM advises EBRD and BSTDB on financing of one of largest solar projects in Ukraine

    AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD ”) and the Black Sea Trade and Development Bank (" BSTDB ") in connection with senior secured loans in the total amount of up to EUR36.3 million to Rengy Bioenergo LLC (“Loans ”).
  • Renewable energy in Ukraine: trends to expect in 2019

    The alternative energy industry is one of the fastest growing and most attractive sectors for investment in Ukraine. This can be explained, inter alia , by the favorable geographical conditions in Ukraine, where solar radiation is more intense than, for example, in Germany. The wind speed in this Eastern European country makes it possible to develop large-scale wind projects. Moreover, Ukraine has a huge potential in electricity production from biogas, which, in some cases, is already partially being successfully implemented.
  • The Parliament of Ukraine ratified the MLI Convention. Is this the end of offshores?

    “Ukraine will never join BEPS and will not introduce an automatic exchange of tax information! Ukrainian tax authorities are not able to understand the international tax planning and therefore BEPS will not work in Ukraine!” - such statements in different variations repeatedly sounded addressing the deoffshorization process launched in Ukraine a few years ago.
    - GOLAW
  • AVELLUM advises PrJSC “Jacobs Douwe Egberts Ukraina” on squeeze-out and transformation procedure

    AVELLUM advised the client on minorities squeeze-out procedure followed by the successful corporate reorganisation of “Jacobs Douwe Egberts Ukraina” from a private joint stock company to a limited liability company.
  • AVELLUM advises MTB Bank and Bank Center on merger

    AVELLUM acted as the legal counsel on the merger of Public Joint Stock Company “MTB Bank” (“MTB Bank ”) and Public Joint Stock Company “Commercial Bank “Center” (“Bank Center ”). The merger was conducted under a simplified procedure introduced by the Law of Ukraine “On Simplifying Reorganisation and Capitalisation Procedures for Banks ”, which became effective on 29 April 2017 (“Law ”).

Press Releases in Ukraine

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to