On 16 November 2006, Verkhovna Rada (Ukrainian Parliament) passed the Law of Ukraine No. 358-V "On Amendments to Law of Ukraine "On Banks and Banking Activity" dated 16 November 2006 (the "Amendments") relating to the possibility for foreign banks to open branches in Ukraine. The following a brief summary of the provisions of the Amendments.

Violations will be punished by a fine in an amount ranging from 30 to 100 times the non-taxable minimum personal income amount (currently - from $63 to $210).

From 17 May 2013 a foreign insurance company can render insurance services in Ukraine from a local branch.

Changes to the Tax Code will (1) remove from a list of transactions, which are not subject to VAT, consulting services and IT services, (2) introduce export duties on certain cereals till January 1, 2012, and (3) revise applicable Fees for the Use of Natural Resources.

A new Ukrainian law "On the sea ports of Ukraine" will facilitate the transfer of state-owned sea ports into private hands, sector lawyers in Ukraine said.