New Reality During Wartime: Import of Medical Products to Ukraine and Necessary Operational Adjustments

The business community in Ukraine continues to adapt to the reality of wartime, which brings new risks and, at the same time, new opportunities. The pharmaceutical sector and the sector of medical products have not become an exception.

Today, every supplier of pharmaceutical and other medical products in Ukraine operates while being exposed to further devaluation of the Ukrainian hryvnia, restrictions of foreign currency purchase and payments in a foreign currency. In addition, the Ministry of Healthcare asks the international industry to keep the product prices in UAH unchanged for some time, which in reality means reducing the prices in foreign currencies. In parallel, the prospect of introducing a 10% foreign exchange tax/charge for importers is on the table.

During the webinar, a team of dedicated legal professionals of CMS Cameron McKenna Nabarro Olswang Kyiv comprising Borys Danevych (Partner and Head of Life Sciences), Ihor Olekhov (Partner and Head of Banking and Finance) and Oleksandr Maidanyk (Tax Lawyer) will share their vision of the situation and ideas regarding possible unconventional approaches in the work of importers, and answer the following questions:

1. What is the prospect of further restrictions/relaxations of foreign currency payments and other FX control regulations?
2. Will foreign suppliers be practically able to accept payments in UAH for imported goods from distributors?
3. What instruments are available to protect UAH from the volatility of its exchange rate to foreign currencies?
4. What safe commercial terms are worth agreeing upon with local importers? (practical commercial and competition questions)
5. What are the tax implications for the trading subsidiaries of international companies selling imported goods in UAH below the import price?

The webinar is scheduled for Thursday, 8 September 2022 at 11 am Kyiv time via Zoom platform.

The working language of the webinar will be Ukrainian.

Participation in the webinar is free, subject to pre-registration at the link below, where you can ask our speakers questions.