Recognition And Enforcement Of Foreign Court Awards

On January 15, 2002, foreign investors were provided with another option for settling any disputes with their Ukrainian counterparts with the coming into effect of Law No. 2860-III "On the Recognition and Enforcement of Foreign Court Decisions in Ukraine," dated November 29, 2001.

However, this law subsequently lost force on September 29, 2005, after its provisions were superceded by the Civil Procedure Code of Ukraine, which came into effect on September 1, 2005. Law No. 2860 was the first attempt to solve the common problem in Ukraine when foreign investors (or other holders of valid foreign judgments) would have to go through the lengthy process of obtaining a foreign judgment in their favor only to find that enforcement of such judgment was impossible in Ukraine.