On December 13, 2015, new legislation introducing a number of substantial novelties in the property registration system in Ukraine (the “New Law”) entered into force. Although already modernized in the past years, property registrations have been often seen as the area of typical bureaucracy and transparency issues. As briefly summarized below, the changes proposed in the New Law are generally aimed at facilitation of property registrations by ensuring higher accessibility of registrations.
On November 3, 2015, the President of the Russian Federation signed the Federal Law № 297-FZ on Jurisdictional Immunities of Foreign States and Property of Foreign States in the Russian Federation (the Law). The Law will take effect from January 1, 2016 (Art. 18). By passing the Law, Russia has endorsed the restrictive theory of sovereign immunity entirely, and ruled out the dichotomy which exists between the Code of Civil Procedure and the Code of Commercial Procedure.
The National Bank of Ukraine (the “NBU”) adopted Resolution No. 718 dated 22 October 2015 “On Introduction of Amendments to Resolution of the Management Board of the NBU dated 03 September 2015 No. 581” (the “Resolution 718”) which modified certain of the NBU’s restrictions introduced (or prolonged) in September 2015.
Legal alert: National Bank of Ukraine implemented Sanctions of National Security and Defense Council of Ukraine
The National Bank of Ukraine (the “NBU”) adopted Resolution No.654 dated 1 October 2015 “On Ensuring Implementation and Monitoring of Efficiency of Personal Special Economic and Other Restrictive Measures (Sanctions)” (the “Resolution 654”) aimed at implementing, within Ukrainian banking and finance market, certain financial sanctions adopted by the National Security and Defense Council of Ukraine (the “NSDCU”) in September 2015.
Apartments in St. Petersburg’s “golden triangle” within reach for mid-level European and US Investors
European and US investors may have a substantial advantage when buying apartments in the centre of St. Petersburg. The development comes as the result of favourable RUB/EUR/USD exchange rates and the benefits provided by the city administration for investors and people living in communal apartments.
Legal alert: Further Extension and Liberalisation of the FX Restrictions adopted by the National Bank of Ukraine
The National Bank of Ukraine (the “NBU”) has adopted resolution No.581 dated 3 September 2015 (the “Resolution 581”) aimed at stabilisation of the situation on Ukrainian FX market. According to the Resolution 581, the NBU has generally extended all of the previously existing temporary restrictions. The Resolution 581 shall be effective as of 4 September 2015 until 4 December 2015.
Ukraine has completed ratification procedures for Double Tax Treaty (“Treaty”) between Ireland and Ukraine and Protocol thereto signed on 19 April 2013. On 15 July 2015 the Ukrainian parliament approved the ratification law, subsequently signed by the President and officially published.
Legal alert: National Bank of Ukraine Liberates Maximum Interest Rate Limitations in Order to Facilitate Restructuring of Certain Foreign Loans Raised by Ukrainian Borrowers
The National Bank of Ukraine (the “NBU”) has adopted a resolution “On Making by Resident Borrowers of Certain Payments in Repayment of External Debt under Loans, Advances in Foreign Currency” No.409 dated 23 June 2015 (the “Resolution 409”) aimed at facilitation of restructuring by Ukrainian borrowers of certain loans raised from foreign lenders.
Legal alert: Further Extension of the Restrictions of the National Bank of Ukraine Aimed at Stabilisation of the Situation on Ukrainian FX Market
The National Bank of Ukraine (the “NBU”) has adopted resolution No.354 dated 3 June 2015 (the “Resolution 354”) aimed at stabilisation of the situation on Ukrainian FX market. According to the Resolution 354, the NBU has generally extended all of the restrictions introduced (or extended) by the NBU in March 2015 (as amended). The Resolution 354 shall be effective as of 4 June 2015 until 3 September 2015.