Proposed new law on 'Green Tariffs' to have serious implications. A new bill presented to parliament on 7 June could have very serious implications for the renewable energy sector in Ukraine, Cameron McKenna note in their recent law update. The bill, No.8449, is aimed at creating a mechanism for the control of construction and the balancing of supply, proposes to initiate a quota auction system instead of the Green Tariff after 1 July 2019. The new law will apply to all solar power plants exceeding 10MW and wind power plants exceeding 20MW, with an option to participate in small power plants. There will also be adjustments to preliminary power purchase agreements. The law is expected to be adopted in late 2018
Swiss buy majority shares in Lviv bank. Swiss Asset Management firm ‘responsAbility Participations AG’ has had its purchase of 51% 0f the shares in Bank Lviv approved by the National Bank of Ukraine. According to its website 60% of responsAbility Participations belong to Swiss financial institutions, including Baumann&Cie, Raiffeisen Switzerland, Swiss Re Foundation, Vontobel Beteiligungen, 21% – to private investors and 19% – to managers and employees. The core business of responsAbility Participations is investment in developing markets.
New bill to stimulate lending. July 3rd Verkhovna Rada approved a draft law to stimulate lending with 239 MPs voting in favour. The law is designed “to stimulate lending, reduce the cost of credit resources and to facilitate loans to business entities and individuals”. It reduces the financial burden on borrowers; simplifys processes and reduces the costs of debtors and lenders. The law also improves extrajudicial tools in debt settlement; eliminates schemes for the illegal withdrawal of property from the creditor's encumbrance; addresses settlement of gaps in repayment of loans in case of recognition of inheritance and a number of other issues. Ukrinform reports.
Hryvnia strengthens faster than other currencies of FSU countries. The Ukrainian hryvnia has become the leader in ratings of growth in national currencies among the countries of the former Soviet Union, Bloomberg reports.
Belgian Ambassador optimistic on investment. Belgian Ambassador Luc Jacobs has confirmed in an exclusive interview with Ukrinform, that in his opinion the difficult period as regards security issues and the decline in economic activity has passed, the economy is recovering and he can observe a certain stability in the country. As a result current Belgian investors will increase their share of investment and new investors come to Ukraine,"
Supreme Court accepts the 'Castle doctrine'. The Supreme Court of Ukraine has issued a pioneering resolution on the issue of self-defense in cases of burglary and forced entry. In the past, the use of force against any person forcing entry to your property put the owner at risk of prosecution. In the new ruling, the Supreme Court has recognized the right to self-defense using any degree of force without fear of prosecution thereby accepting the principles of the Castle Doctrine, Cameron Mckenna reports in their recent law update
IFI investment in housing and utilities has become more secure. Parliament has introduced legislative changes to protect the investment programmes of IFI's and governmental agencies in the Utilities Sector from foreclosure and arrest, Cameron McKenna report The amendments are aimed at ensuring that contracts are completed, a better quality of service delivered, and creditors protected, thereby encouraging investment in the sector. In May 2018 parliament approved the introduction of 'IFI Accounts' at banks as a mechanism for the accumulation and utilization of funds specifically for the Utilities Sector. The new law came into effect on 13 June 2018.
Ukraine-Serbia trade up. At a joint press conference in Belgrade the Presidents of Ukraine and Serbia announced that trade had increased by 34% in Q1 2018, that the target for trade was a billion Euro’s annually and that negotiations on the creation of a free trade zone between Ukraine and Serbia would be completed quickly. They also discussed the launch of direct regular flights between the capitals.
Ukraine to participate in China International Import Expo 2018 "Ukraine is preparing to present its national stands at the China International Import Expo 2018, the first international import exhibition in China, in Shanghai in the autumn. The exhibition will become a gateway to China’s multi-billion dollar market, which plans to import products worth $10 trillion in the next five years," the Ministry of Economic Development and Trade reports. A Ukrainian delegation has already visited Beijing and Shanghai in order to prepare for Ukraine's participation
Over 3.2 million Ukrainians now working abroad. Minister of Social Policy Andriy Reva says that more than 3.2 million Ukrainian citizens are employed abroad on a permanent basis. He added that labor migration is currently seasonal. “According to our estimates, up to nine million Ukrainian citizens take part in this process,” the Minister elaborated.