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Legal consequences of the crisis in Ukraine

CMS experts are monitoring the events around the crisis in Ukraine closely. On this page, they share their insights on the legal and commercial implications for businesses.

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27/02/2022
Hand­ling the new EU and UK sanc­tions against Rus­sia
The de­vel­op­ments in the EU Since 2014, the EU has pro­gress­ively im­posed sanc­tions on Rus­sia in re­sponse to the crisis in Ukraine. Fol­low­ing the latest events, EU mem­ber states have agreed to im­pose new sanc­tions in sev­er­al steps on 21, 22 and 25 Feb­ru­ary, which are sum­mar­ized be­low. Over­view of the new meas­ures of 21, 22 and 25 Feb­ru­ary 1. Des­ig­na­tion of ad­di­tion­al in­di­vidu­als and en­tit­ies The EU has newly des­ig­nated sev­er­al hun­dred per­sons (in­clud­ing Vladi­mir Putin and Sergey Lav­rov) and en­tit­ies which ac­cord­ing to the EU act­ively sup­port ac­tions and im­ple­ment policies that un­der­mine or threaten the ter­rit­ori­al in­teg­rity, sov­er­eignty and in­de­pend­ence of Ukraine.The EU also des­ig­nated the In­ter­net Re­search Agency and three Rus­si­an banks, namely­Bank Rossiya,Promsvyazbank an­dVEB.RF.These in­di­vidu­als and en­tit­ies are now sub­ject to as­set freezes, which in­clude pro­hib­i­tions on mak­ing funds avail­able to them, and travel bans, which pre­vent them from en­ter­ing or trans­it­ing through the EU.For EU per­sons and com­pan­ies this means they may no longer:re­ceive or oth­er­wise deal with the frozen funds or eco­nom­ic re­sources, be­long­ing to or owned, held or dir­ectly or in­dir­ectly con­trolled by a des­ig­nated per­son; and­make funds or eco­nom­ic re­sources of any kind, dir­ectly or in­dir­ectly, to or for the be­ne­fit of a des­ig­nated per­son.With re­gard to the three banks, ex­emp­tions may be gran­ted where this is ne­ces­sary for the ter­min­a­tion by 24 Au­gust 2022, of op­er­a­tions, con­tracts, or oth­er agree­ments, con­cluded with those en­tit­ies be­fore 23 Feb­ru­ary 2022.In prac­tice, this es­sen­tially means that EU com­pan­ies may no longer deal with des­ig­nated per­sons or en­tit­ies and the en­tit­ies con­trolled by them. 2. Re­stric­tion of Rus­si­a's ac­cess to the EU­'s cap­it­al and fin­an­cial mar­kets The EU has newly in­tro­duced sec­tor­al pro­hib­i­tions to fin­ance the Rus­si­an Fed­er­a­tion, its gov­ern­ment, and the Cent­ral Bank of Rus­sia:pro­hib­it­ing deal­ing with trans­fer­able se­cur­it­ies and money-mar­ket in­stru­ments is­sued after 9 March 2022 byR­us­sia and its gov­ern­mentThe Rus­si­an Cent­ral Bank (or any per­son act­ing on their be­half or at their dir­ec­tion)pro­hib­it­ing mak­ing loans or cred­its after 23 Feb­ru­ary 2022 toR­us­sia and its gov­ern­ment,the Rus­si­an Cent­ral Bank(or any per­son act­ing in their be­half or at their dir­ec­tion)An ex­emp­tion is avail­able for loans or cred­its that have a spe­cif­ic and doc­u­mented ob­ject­ive to provide fin­an­cing for non-pro­hib­ited im­ports or ex­ports of goods. Fur­ther, draw­down or dis­burse­ments made un­der a con­tract con­cluded be­fore 23 Feb­ru­ary 2022 can be ex­empt from the pro­hib­i­tion.The EU has also ex­pan­ded the fin­an­cial re­stric­tions ex­ist­ing un­der Reg­u­la­tion (EU) 833/2014, in par­tic­u­lar those on ac­cess by cer­tain Rus­si­an en­tit­ies to the cap­it­al mar­kets. It also pro­hib­its the list­ing and pro­vi­sion of ser­vices in re­la­tion to shares of Rus­si­an state-owned en­tit­ies on Uni­on trad­ing ven­ues.In ad­di­tion, it has in­tro­duced new meas­ures which sig­ni­fic­antly lim­it the fin­an­cial in­flows from Rus­sia to the Uni­on by pro­hib­it­ing the ac­cept­ance of de­pos­its ex­ceed­ing EUR 100,000 from Rus­si­an na­tion­als or res­id­ents, the hold­ing of ac­counts of Rus­si­an cli­ents by the Uni­on cent­ral se­cur­it­ies de­pos­it­or­ies as well as, after 12 April 2022, the selling of euro-de­nom­in­ated se­cur­it­ies to Rus­si­an cli­ents.The EU has newly pro­hib­ited pub­lic fin­an­cing or fin­an­cial as­sist­ance for trade with, or in­vest­ment in, Rus­sia. The pro­hib­i­tion does not ap­ply to fin­an­cing agreed pri­or to 26 Feb­ru­ary 2022, for cer­tain pro­jects of EU SMEs and for trade in food or for ag­ri­cul­tur­al, med­ic­al or hu­man­it­ari­an pur­poses. 3. Fur­ther re­stric­tions on ex­port of dual-use goods The EU already pro­hib­ited, in Reg­u­la­tion (EU) 833/2014 the sale, sup­ply, trans­fer or ex­port of dual-use goods and tech­no­logy to any per­son, en­tity or body in Rus­sia or for use in Rus­sia, if those items are for mil­it­ary use or for mil­it­ary end-users.The EU has now es­sen­tially pro­hib­ited any sale, sup­ply, trans­fer or ex­port of dual-use goods to any per­son, en­tity or body in Rus­sia or for use in Rus­sia, un­less the goods are for non-mil­it­ary use and for a non-mil­it­ary end user and in­ten­ded for a lim­ited list of pur­poses (e.g. hu­man­it­ari­an pur­poses, med­ic­al pur­poses, soft­ware up­dates, cer­tain con­sumer IT devices or per­son­al use).Ex­emp­tions are avail­able for con­tracts con­cluded be­fore 26 Feb­ru­ary 2022, or an­cil­lary con­tracts ne­ces­sary for the ex­e­cu­tion of such a con­tract, provided that the au­thor­isa­tion is re­ques­ted be­fore 1 May 2022.Fur­ther ex­emp­tions are avail­able, also de­pend­ing on the in­ten­ded use (e.g. main­ten­ance of civil nuc­le­ar fa­cil­it­ies, ci­vil­ian tele­com­mu­nic­a­tions or mari­time safety). 4. Ex­port ban on cer­tain high-tech goods The EU has newly pro­hib­ited the sale, sup­ply, trans­fer or ex­port, dir­ectly or in­dir­ectly, of goods and tech­no­logy which might con­trib­ute to Rus­sia’s mil­it­ary and tech­no­lo­gic­al en­hance­ment, or the de­vel­op­ment of the de­fence and se­cur­ity sec­tor, as lis­ted in An­nex VII to Reg­u­la­tion (EU) 833/2014, wheth­er or not ori­gin­at­ing in the Uni­on, to any nat­ur­al or leg­al per­son, en­tity or body in Rus­sia or for use in Rus­sia. The EU equally pro­hib­its the pro­vi­sion of fin­an­cing or fin­an­cial as­sist­ance, or of tech­nic­al as­sist­ance or broker­ing ser­vices re­lat­ing to these goods.The pro­hib­i­tions do not ap­ply if the goods are in­ten­ded for cer­tain activ­it­ies (as above for dual use goods).As for dual use goods, ex­emp­tions are avail­able for con­tracts con­cluded be­fore 26 Feb­ru­ary 2022, or an­cil­lary con­tracts ne­ces­sary for the ex­e­cu­tion of such a con­tract, provided that the au­thor­isa­tion is re­ques­ted be­fore 1 May 2022.Fur­ther ex­emp­tions are avail­able, de­pend­ing on the in­ten­ded use (e.g. main­ten­ance of civil nuc­le­ar fa­cil­it­ies, ci­vil­ian tele­com­mu­nic­a­tions or mari­time safety). 5. Re­stric­tions on pub­lic fin­an­cing or fin­an­cial as­sist­ance for trade with, or in­vest­ment in, Rus­sia The EU has newly pro­hib­ited pub­lic fin­an­cing or fin­an­cial as­sist­ance for trade with, or in­vest­ment in, Rus­sia. The pro­hib­i­tion does not ap­ply to fin­an­cing agreed pri­or to 26 Feb­ru­ary 2022, for cer­tain pro­jects of EU SMEs and for trade in food, and for ag­ri­cul­tur­al, med­ic­al or hu­man­it­ari­an pur­poses. 6. Re­stric­tion on cer­tain goods for use in oil re­fin­ing The EU has newly pro­hib­ited the sale, sup­ply, trans­fer or ex­port to Rus­sia of spe­cif­ic goods and tech­no­lo­gies for use in oil re­fin­ing as lis­ted in An­nex X to Reg­u­la­tion 833/2014, to­geth­er with re­stric­tions on the pro­vi­sion of re­lated ser­vices.The pro­hib­i­tions do not ap­ply to the ex­e­cu­tion un­til 27 May 2022 of con­tracts con­cluded be­fore 26 Feb­ru­ary 2022, or an­cil­lary con­tracts ne­ces­sary for the ex­e­cu­tion of such con­tracts. Ex­emp­tions are avail­able in in­di­vidu­al cases. 7. Ex­port ban on cer­tain avi­ation goods The EU has newly in­tro­duced an ex­port ban cov­er­ing goods and tech­no­logy suited for use in avi­ation and the space in­dustry, as lis­ted in An­nex XI to Reg­u­la­tion 833/2014, and has pro­hib­ited the pro­vi­sion of in­sur­ance and re­in­sur­ance and main­ten­ance ser­vices in re­la­tion to those goods and tech­no­logy.It has also pro­hib­ited the pro­vi­sion of tech­nic­al as­sist­ance and oth­er re­lated ser­vices as well as fin­an­cing and fin­an­cial as­sist­ance in re­la­tion to the goods and tech­no­logy sub­ject to this pro­hib­i­tion.The pro­hib­i­tions do not ap­ply to the ex­e­cu­tion un­til 28 March 2022 of con­tracts con­cluded be­fore 26 Feb­ru­ary 2022, or an­cil­lary con­tracts ne­ces­sary for the ex­e­cu­tion of such con­tracts. 8. Re­stric­tion of trade with the re­gions of Don­etsk and Luhansk The EU has im­posed re­stric­tions on deal­ing with the non-gov­ern­ment con­trolled areas of Don­etsk and Luhansk. The re­stric­tions are much alike to the re­stric­tions the EU has already im­posed on Crimea and Sevastopol since 2014:The EU has im­posed a gen­er­al im­port ban on any goods ori­gin­at­ing in re­gions of Don­etsk and Luhansk. Fin­an­cing or fin­an­cial sup­port, in­sur­ance or re­in­sur­ance re­lat­ing to the im­port of such goods is equally pro­hib­ited.The EU has im­posed an ex­port ban of cer­tain lis­ted goods from the sec­tors trans­port, tele­com­mu­nic­a­tions, en­ergy or the pro­spect­ing, ex­plor­a­tion and pro­duc­tion of oil, gas and min­er­al re­sources to the re­gions of Don­etsk and Luhansk. Tech­nic­al as­sist­ance, broker­ing or fin­an­cing or fin­an­cial as­sist­ance re­gard­ing these goods are equally pro­hib­ited.The EU has im­posed cer­tain in­vest­ment pro­hib­i­tions, e.g. re­gard­ing the ac­quis­i­tion of real es­tate, (shares of) com­pan­ies or re­gard­ing the cre­ation of joint ven­tures in the re­gions of Don­etsk and Luhansk.The EU has im­posed a pro­hib­i­tion to provide ser­vices dir­ectly re­lated to tour­ism activ­it­ies in the re­gions of Don­etsk and Luhansk.Ex­emp­tions are avail­able un­der cer­tain cir­cum­stances. The de­vel­op­ments in the UK The UK has an­nounced a wide-ran­ging pack­age in re­sponse to the Ukraine situ­ation, many of which are not yet in place at the date of writ­ing. The fully-im­ple­men­ted UK and EU pack­ages are even­tu­ally likely to look sim­il­ar in many re­spects, al­beit that the UK is mak­ing par­tic­u­lar fresh ef­forts to con­strain the activ­it­ies of cer­tain Rus­si­an in­di­vidu­als in the UK. 1. UK sanc­tions meas­ures an­nounced On 24 Feb­ru­ary the UK Prime Min­is­ter, Bor­is John­son, an­nounced what he termed “the largest and most severe pack­age of eco­nom­ic sanc­tions that Rus­sia has ever seen”. Fur­ther de­tail was then provided by UK For­eign Sec­ret­ary Liz Truss. Many of these meas­ures are ex­pec­ted to be im­ple­men­ted in the week com­men­cing 28 Feb­ru­ary and are stated to in­clude: As­set freezes against all Rus­si­an fin­an­cial in­sti­tu­tion­sPro­hib­it­ing Rus­si­an banks from ac­cess­ing Ster­ling and clear­ance pay­ments through the UK. Banks sub­ject to these meas­ures will not be able to pro­cess any pay­ments through the UK or ac­cess to UK fin­an­cial mar­ket­s­Pre­vent­ing Rus­si­an com­pan­ies from bor­row­ing from UK mar­ketsA £50,000 lim­it on the amount that Rus­si­an na­tion­als may de­pos­it in UK bank ac­count­sAer­o­flot to be banned from UK air­space (already im­ple­men­ted)New trade re­stric­tions and strin­gent ex­port con­trol­sThe ban­ning of the ex­port of all dual-use items to Rus­sia in­clud­ing high-end and crit­ic­al tech­no­lo­gic­al equip­ment and com­pon­ents in sec­tors in­clud­ing elec­tron­ics, tele­com­mu­nic­a­tions and aerospace.En­hanced meas­ures tar­get­ing cor­rupt Rus­si­an in­di­vidu­als in the UKAn in­crease in the use of Un­ex­plained Wealth Or­ders – which per­mit the con­fis­ca­tion of funds and as­sets if a le­git­im­ate ori­gin can­not be ex­plainedRe­forms of UK com­pany le­gis­la­tion and a re­gister of over­seas prop­erty own­er­shipA ‘Klepto­cracy Cell’ is to be es­tab­lished by the UK’s Na­tion­al Crime Agency to tar­get sanc­tions eva­sion and cor­rupt Rus­si­an as­sets hid­den in the UK. 2. On-go­ing des­ig­na­tion of ad­di­tion­al in­di­vidu­als and en­tit­ies sub­ject to as­set freezes UK le­gis­la­tion provide for the freez­ing of funds and eco­nom­ic re­sources of cer­tain per­sons, en­tit­ies or bod­ies in­volved in destabil­ising Ukraine or un­der­min­ing or threat­en­ing the ter­rit­ori­al in­teg­rity, sov­er­eignty or in­de­pend­ence of Ukraine, or ob­tain­ing a be­ne­fit from or sup­port­ing the Gov­ern­ment of Rus­sia.The UK has in­tro­duced as­set freezes to ad­di­tion­al in­di­vidu­als and en­tit­ies sev­er­al times with­in the last few days, bring­ing the cur­rent con­sol­id­ated num­ber of Rus­si­an in­di­vidu­als un­der fin­an­cial sanc­tions to 190 and the total num­ber of Rus­si­an en­tit­ies un­der fin­an­cial sanc­tions to 59. At least a fur­ther 80-90 in­di­vidu­als and en­tit­ies are ex­pec­ted to be ad­ded over the next few days.  The UK has also stated pub­licly that it in­tends to add to the list those mem­bers of the Rus­si­an Duma and Fed­er­al Coun­cil who voted to re­cog­nize the in­de­pend­ence of Don­etsk and Luhansk.The most re­cent ad­di­tions to the UK’s con­sol­id­ated list in­clude:25 Feb­ru­ary:In­di­vidu­als: Vladi­mir Putin and Sergei Lav­rov24 Feb­ru­ary:In­di­vidu­als: Denis Bort­nikov, Peter Fradkov, Elena Georgeiva, Kir­ill Sham­lov, Yury Sly­usar­Entit­ies: United Air­craft Cor­por­a­tion, United Ship­build­ing Cor­por­a­tion, Ur­al­vagonza­vod, VTB Bank, Rostec, Tac­tic­al Mis­siles Cor­por­a­tion22 Feb­ru­ary:In­di­vidu­als: Gen­nadiy Timchen­ko, Bor­is Ro­ten­berg, Ig­or Ro­ten­ber­gEn­tit­ies: Bank Rossiya, Promsvyazbank, Black Sea Bank for De­vel­op­ment and Re­con­struc­tion, IS Bank, Gen­bank­These in­di­vidu­als and en­tit­ies are now sub­ject to as­set freezes, which in­clude pro­hib­i­tions on mak­ing funds avail­able to them, and travel bans, which pre­vent them from en­ter­ing or trans­it­ing through the UK.For UK per­sons and com­pan­ies this means that (un­less per­mit­ted by a spe­cif­ic li­cence is­sued by the UK Gov­ern­ment) they may no longer:re­ceive or oth­er­wise deal with the frozen funds or eco­nom­ic re­sources, be­long­ing to or owned, held or dir­ectly or in­dir­ectly con­trolled by a des­ig­nated per­son; or­make funds or eco­nom­ic re­sources of any kind, dir­ectly or in­dir­ectly, to or for the be­ne­fit of a des­ig­nated per­son.‘Eco­nom­ic re­sources’ is defined to in­clude “any as­set that can be used to ob­tain funds, goods or ser­vices” which for ex­ample means that in prac­tice it is not pos­sible to buy or sell prop­erty from in­di­vidu­als or en­tit­ies on the list.With re­gard to the des­ig­nated banks, the UK is likely to is­sue Gen­er­al Li­cences which al­low a per­son or rel­ev­ant in­sti­tu­tion to wind down any trans­ac­tions to which it is party, in­volving the sanc­tioned en­tity or its UK sub­si­di­ar­ies, in­clud­ing the clos­ing out of any po­s­i­tions. Any activ­ity reas­on­ably ne­ces­sary to ef­fect this can be car­ried out. A first Gen­er­al Li­cence has been is­sued with re­spect to VTB Bank but is only of short dur­a­tion, tak­ing ef­fect on 25 Feb­ru­ary 2022 and ex­pir­ing on 27 March 2022.In prac­tice, this means that UK in­di­vidu­als and com­pan­ies may no longer deal with des­ig­nated per­sons or en­tit­ies and the en­tit­ies con­trolled by them un­less the trans­ac­tion is per­mit­ted by a Gen­er­al Li­cence or any spe­cif­ic li­cence which may be gran­ted to an in­di­vidu­al ap­plic­ant. 3. Re­stric­tion of Rus­si­a's ac­cess to the UK’s cap­it­al and fin­an­cial mar­kets Based on pub­lic state­ments by the UK Prime Min­is­ter and UK For­eign Sec­ret­ary, it is likely that meas­ures on ac­cess to mar­kets by the Rus­si­an state will be put in place by the UK which are equi­val­ent to those from the EU. These meas­ures are likely to be ac­tiv­ated quickly and as soon as the week com­men­cing 28 Feb­ru­ary. 4. Re­stric­tion of trade with the re­gions of Don­etsk and Luhansk In align­ment with the EU, the UK has an­nounced that it will im­pose re­stric­tions on deal­ing with the parts of Don­etsk and Luhansk re­gions which are not con­trolled by the Ukrain­i­an Gov­ern­ment on the same basis as those which it has already im­posed on Crimea and Sevastopol since 2014. Based on the ex­ist­ing pro­vi­sions in place with re­spect to Crimea these re­stric­tions ap­pear likely to in­clude:A pro­hib­i­tion on cer­tain in­vest­ments:dir­ectly or in­dir­ectly ac­quir­ing, ex­tend­ing a par­ti­cip­a­tion, or ac­quir­ing any own­er­ship in­terest in land loc­ated in the re­gions of Don­etsk and Luhansk­dir­ectly or in­dir­ectly ac­quir­ing, ex­tend­ing a par­ti­cip­a­tion, or ac­quir­ing any own­er­ship in­terest in an en­tity which has a place of busi­ness loc­ated in the re­gions of Don­etsk and Luhansk (“Rel­ev­ant En­tity”)dir­ectly or in­dir­ectly grant­ing any loan or cred­it, en­ter­ing in­to any ar­range­ment to grant a loan or cred­it or oth­er­wise provide funds, in­clud­ing equity cap­it­al, to a rel­ev­ant en­tity or for the pur­pose of fin­an­cing the Rel­ev­ant En­tity­dir­ectly or in­dir­ectly es­tab­lish­ing any joint ven­ture in the re­gions of Don­etsk and Luhansk or with a Rel­ev­ant En­ti­typrovid­ing in­vest­ment ser­vices dir­ectly re­lated to any of these activ­it­iesA gen­er­al im­port ban on any goods ori­gin­at­ing (ie even if not im­port­ing dir­ectly) in the re­gions of Don­etsk and Luhansk. Fin­an­cing or fin­an­cial sup­port, in­sur­ance or re­in­sur­ance re­lat­ing to the im­port of such goods is also likely to be pro­hib­ited.An ex­port ban of cer­tain goods and all dual-use items in­clud­ing high-end and crit­ic­al tech­no­lo­gic­al equip­ment and com­pon­ents in sec­tors in­clud­ing elec­tron­ics, tele­com­mu­nic­a­tions and aerospace both dir­ectly to the Ter­rit­or­ies or sold for use in the re­gions of Don­etsk and Luhansk (ie pro­hib­it­ing in­dir­ect ex­ports)a pro­hib­i­tion on provid­ing ser­vices re­lat­ing to cer­tain in­fra­struc­ture sec­tors in the re­gions of Don­etsk and Luhansk or a per­son con­nec­ted to them.a pro­hib­i­tion to provide ser­vices dir­ectly re­lated to tour­ism activ­it­ies in the re­gions of Don­etsk and Luhansk.A pro­hib­i­tion on the dir­ect or in­dir­ect pro­vi­sion of fin­an­cial ser­vices or funds to per­sons con­nec­ted with the re­gions of Don­etsk and Luhansk.Ex­emp­tions by way of li­cence are likely to be avail­able un­der cer­tain cir­cum­stances. Ger­many halts Nord Stream 2 The gas pipeline Nord Stream 2 pro­ject is not tar­geted by EU sanc­tions. However, the Ger­man gov­ern­ment de­cided to freeze the pro­ject. By with­draw­ing a re­port still is­sued by the pre­vi­ous gov­ern­ment, Ger­many ef­fect­ively stopped the re­quired au­thor­isa­tion pro­cess. Any au­thor­isa­tion would now re­quire a new re­port con­firm­ing Rus­si­a's re­li­ab­il­ity as an en­ergy pro­vider. Re­ac­tions world­wide – fur­ther meas­ures pre­pared The Ukraine crisis also promp­ted new sanc­tions from oth­er coun­tries in­clud­ing the US, Ja­pan and Aus­tralia. The sanc­tions im­posed by these coun­tries dif­fer from those im­posed by the EU, so com­pan­ies with eco­nom­ic links to these coun­tries will have to as­sess to what ex­tent their busi­ness may also be af­fected by oth­er sanc­tion re­gimes.Most im­port­antly, the US, UK, Canada and sev­er­al EU coun­tries have de­cided to re­move those Rus­si­an banks which are already sub­ject to in­ter­na­tion­al sanc­tions, most not­ably the Rus­si­an Cent­ral Bank, from the SWIFT sys­tem.For more in­form­a­tion on how sanc­tions against Rus­sia could af­fect your busi­ness, con­tact your CMS cli­ent part­ner or loc­al CMS ex­perts.

Contacts

Portrait of Kai Neuhaus
Kai Neuhaus, LL.M.
Brussels - EU Law Office
Portrait of Eoin O'Shea
Eoin O'Shea
London

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13/04/2022
Sanc­tions and the leg­al im­plic­a­tions for do­ing busi­ness with Rus­sia: on­line...
The EU, UK and many oth­er coun­tries have pro­gress­ively ad­op­ted and ex­pan­ded a num­ber of sanc­tions against Rus­si­an com­pan­ies and in­di­vidu­als fol­low­ing the war with Ukraine. Our CMS ex­perts are closely...
29/03/2022
Force Ma­jeure - Hard­ship in re­la­tion to Con­flict and Sanc­tions
The in­va­sion of Ukraine has promp­ted west­ern demo­cra­cies, in­clud­ing the European Uni­on, UK and US, to ini­ti­ate a raft of sanc­tions against Rus­si­an-owned com­pan­ies, and prom­in­ent in­di­vidu­als closely as­so­ci­ated...
Comparable
25/03/2022
Ukraine mod­i­fies state re­gis­tra­tion pro­ced­ures for leg­al en­tit­ies dur­ing...
After Ukraine’s Pres­id­ent de­clared mar­tial law across the coun­try due to Rus­si­an in­va­sion, the Ukrain­i­an gov­ern­ment ad­op­ted a set of tem­por­ary meas­ures aimed at as­sist­ing busi­nesses dur­ing war­time...
25/03/2022
Ukraine in­tro­duces spe­cial la­bour reg­u­la­tion dur­ing mar­tial law
Fol­low­ing the ex­ten­sion of the state of mar­tial law in Ukraine un­til 25 April 2022, the Par­lia­ment of Ukraine ad­op­ted a new Law “On Reg­u­la­tion of the La­bour Re­la­tions dur­ing Mar­tial Law” on 15 March...
30/03/2022
Ukraine-fo­cused dis­cus­sion and Q&A
Many busi­nesses in­clud­ing CMS have con­demned the war in Ukraine and have, as a pri­or­ity, been mak­ing every ef­fort to move their Ukraine-based teams and fam­il­ies to safety. The level of sup­port and hu­man­it­ari­an...
21/03/2022
Busi­ness dur­ing the Mar­tial law in Ukraine
In an ef­fort to help busi­nesses nav­ig­ate these ex­treme and chal­len­ging times, CMS has pre­pared an over­view of the key is­sues the busi­ness sec­tor is cur­rently fa­cing. This over­view cov­ers the leg­al im­plic­a­tions...
21/03/2022
Ukraine sus­pends debt col­lec­tion by Rus­si­an cred­it­ors and mod­i­fies en­force­ment...
On 15 March 2022, the Ukrain­i­an par­lia­ment passed Law of Ukraine No. 7154 “On Amend­ments to the Law of Ukraine “On En­force­ment Pro­ceed­ings” that sus­pends debt col­lec­tion un­der Ukrain­i­an en­force­ment...