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Ukraine > Law firm and leading lawyer rankings

Editorial

Contributed by Avellum

Doing Business in Ukraine: Economic Recovery and Prominent Future

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 deserves its recognition as ‘the breadbasket of Europe’ because of the strength of its agricultural sector. Heavy industry has been affected by the ongoing conflict in the eastern territories and the annexation of Crimea, but the technology sector is displaying healthy growth.

The economy is showing signs of recovery with GDP up 2.3% in 2016 and further growth forecast. Legislative reform is central to its future as the country moves to align itself further with the European Union. Efforts to tackle corruption are taking effect with, for example, the appointment of new Supreme Court judges. The Antimonopoly Committee now publishes its decisions, so competition law is a fast-growing practice area. White-collar crime practices have also seen an uptick in work as the judicial system undergoes reform.

International law firms including Baker McKenzie, Kyiv Office, DLA Piper Ukraine LLC, CMS and Dentons have benefitted from the steady return of foreign investors, as have regional players such as Kinstellar and Integrites. Leading domestic firms including Arzinger, Asters, Avellum, Sayenko Kharenko and Vasil Kisil & Partners remain dominant in many areas, though they face a growing challenge from boutique firms.

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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
  • AVELLUM advises on acquisition of shares in Bank Lviv

    AVELLUM acted as the Ukrainian legal counsel to a private equity vehicle managed by responsAbility Investments AG (“responsAbility ”) in connection with the acquisition of a shareholding in Bank Lviv. Bank Lviv is the first investment project of responsAbility in Ukraine. Further on, responsAbility intends to increase its stake in the bank to 51%.
  • RESPONSIBILITY OF OFFICIALS UNDER THE NEW LAW ON LLC

    Officials of the company according to the new Law on LLC shall bear joint and several and in some cases – subsidiary liability to the company.
    - GOLAW
  • Sayenko Kharenko advised Mriya Agro Holding

    Sayenko Kharenko advised Mriya Agro Holding on the successful debt restructuring and subsequent sale
  • Employing Foreign Specialists in Ukraine – Rules of the Game Have Been Simplified?

    Following the strategy of the Government to improve the doing business climate in Ukraine, Parliament adopted the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Concerning Elimination of Barriers for Foreign Investments Attraction” dated May 23, 2017 (hereinafter – “the Law”), which came into force on September 27, 2017.  The Law with such an expressive name should have definitely removed the barriers for employment of foreigners, but what have we actually received? Putting the cart before the horse, the Law really significantly changed the procedure of obtaining work permits (hereinafter – “the Permit”) facilitating it essentially from the one hand, but introducing some questionable conditions from the other.
    - GOLAW
  • New Law on LLCs in Ukraine

    The Law of Ukraine On the Limited Liability Companies and Additional Liability Companies passed on 6 February 2018 shall come into force on 17 June 2018. The Law is a positive sign for doing business in Ukraine as it introduces significant changes and innovations in the legal regulation of the establishment and activities of limited liability companies, which are the most numerous and the most popular form of entrepreneurial activity in Ukraine (second only to individual entrepreneurs).
  • The Code of bankruptcy procedure in Ukraine: positives and negatives of the new document

    The Verkhovna Rada registered a draft law on the Code of Bankruptcy Procedure (No. 8060). Among other things, it is noted that such a document will increase the efficiency of bankruptcy procedures, the level of protection of the rights of creditors, improve the procedures for selling debtor property at the auction, increase the level of execution of contracts and court decisions. However, does the text of the document correspond to the stated purpose? 
    - GOLAW
  • CHANGES TO PPA: TO MAKE FINANCIAERS HAPPY

    Over the last few months before January 2018, when the latest changes to the power purchase agreements (PPAs) between State Enterprise “Energorynok” and producers of energy from alternative sources were adopted, more than ten agreements were signed with upgraded conditions set earlier in 2017. In the mentioned agreements, the changes to the PPAs were applied and helped bring Ukraine’s PPAs closer to international standards. Nevertheless, the revised PPAs still have a lot of issues that need to be clarified and further elaborated to make them perfectly bankable, and to make them properly executable.
    - GOLAW
  • Antitrust Compliance Program in Ukraine: Current Status and Development Prospect

    Mykola Stetsenko, Managing Partner, AVELLUM
  • Recent Legal Developments in Renewable Energy Sector

    Glib Bondar, Partner, AVELLUM
  • A Remarkable Year of Restructuring. What Next?

    What happened in 2015 in the world of Ukrainian corporate finance was a reflection of larger scale events in and around Ukraine. In this article, we will share our view of the key events in 2015 in the area of cor-porate finance, highlight the most important legislative and regulatory developments in finance and, based on our experience, make a few suggestions for creditors and debtors on how to navigate through 2016.

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