The Ukrainian Journal of Bussines Law

[http://www.portmone.com.ua/v2/ru/services/periodicals/2533/] Counse link ANTIKA Law Firm 12, Khreshchatyk street, 2-nd floor, Kyiv , 01001 , Ukraine Phone: +38 (044) 390 09 20 Fax: +38 (044) 390 09 21 office@antikalaw.com.ua www.antikalaw.com.ua/en Arzinger 75, Zhylyanska Street., 5th floor, Kyiv , 01032 , Ukraine Phone: +38 (044) 390 55 33 Fax: +38 (044) 390 55 40 mail@arzinger.ua www.arzinger.ua AstapovLawyers ILG Sophia Business Center 6 Rylskiy lane, Kyiv , 01601 , Ukraine Phone: +38 044 4907001 Fax: +38 044 4907002 office@astapovlawyers.com www.astapovlawyers.com Asters Leonardo Business Center, 14th floor, 19-21 Bohdana Khmelnytskoho St., Kyiv , 01030 , Ukraine Phone: +380 44 230 6000 Fax: +380 44 230 6001 info@asterslaw.com www.asterslaw.com Chadbourne & Parke LLP 25B Sahaydachnoho Street, 3 Floor, Kyiv , 04070 , Ukraine Phone: +38 (044) 461 75 75 Fax: +38 (044) 461 75 76 Kyiv@chadbourne.com www.chadbourne.com CMS Cameron McKenna LLC 6 Floor, 38 Volodymyrska Street, Kyiv , 01034 , Ukraine Phone: (044) 391 33 77 Fax: (044) 391 33 88 kyivoffice@cms-cmck.com www.law-now.com DLA Piper Ukraine, LLC 77A Velyka Vasylkivska Street, Kyiv , 03150 , Ukraine Phone: (044) 490 95 75 Fax: (044) 490 95 77 ukraine@dlapiper.com www.dlapiper.com Gvozdiy & Oberkovych 19B Instytutska Street, Office 29, Kyiv , 01021 , Ukraine Phone: +38 (044) 581 12 20 Phone: +38 (044) 581 12 21 Fax: +38 (044) 581 12 22 info@golaw.ua www.golaw.ua Ilyashev & Partners 11 Kudryavska Str, Kyiv , 04053 , Ukraine Phone: +38 (044) 494 19 19 Fax: +38 (044) 494 19 99 office@attorneys.ua www.attorneys.ua IMG Partners 1/8 Ihorivska str.,, Kyiv , 04070 , Ukraine Phone: +380 44 201-10-66 Fax: +380 44 201-10-66 office@imgpartners.com.ua www.imgpartners.com.ua International law firm Integrites 15-B Borysohlibska St.,, Kyiv , 04070 , Ukraine Phone: +380†(44) 391 38 53 Fax: +380†(44) 391 38 54 pr@integrites.com www.integrites.com Inyurpolis law firm (ILF) 14-A †Skrypnyka Street,, Kharkov , 61057 , Ukraine Phone: +38†(057)†728 00 00 Fax: +38†(057)†714 06 28 office@ilf-ua.com www.ilf-ua.com Konnov & Sozanovsky 23 Shota Rustaveli Street, Suite 3, Kiev , 01019 , Ukraine Phone: +380 (0) 44 490-5400 Fax: +380 (0) 44 490-5490 info@konnov.com www.konnov.com LCF Law Group 47 Volodymyrska street, Office 3, Kyiv , 01034 , Ukraine Phone: +38 (044) 455 88 87 Fax: +38 (044) 502 55 23 info@lcfgroup.com.ua www.lcfgroup.com.ua/en/ Misechko & Partners 76B Volodymyrska Street, Office 7, Kyiv , 01033 , Ukraine Phone: +380 44 279 3943 Fax: +380 44 287 5480 office@misechko.com.ua misechko.com.ua Sayenko Kharenko 10 Muzeyny Provulok, 7th floor, Kyiv , 01001 , Ukraine Phone: +380 44 499 6000 Fax: +380 44 499 6250 info@sk.ua www.sk.ua Sokolovskyi and Partners Law Firm 25 Klinichna Street, 2nd floor, Kyiv , 03141 , Ukraine Phone: +380 44 495 1928 Fax: +380 44 275 6799 pravo@lex.org.ua www.lex.org.ua VS Litigation 16/3, M. Zhytomyrska Str., Office 28, Kyiv , 01001 , Ukraine Phone: +380 (44) 227 44 99 Fax: +380 (44) 278 31 73 Kyiv@vslitigation.com vslitigation.com CURRENT ISSUE ( October 2014 ) In focus – International Arbitration International arbitration has definitely become an industry that functions according to market rules. Arbitration institutions compete for potential users and adopt new rules to become more attractive. These entail development of appropriate arbitration infrastructure and arbitration centers have got used to benefiting from being so-called hubs. Arbitration-friendly jurisdictions usually enjoy a high level of rule of law... With the support of Tax Regulation Legislation on transfer pricing came into effect on 1 September, one year ago. In general, the legislation was accepted by the community with understanding, especially as the outflow of capital to low tax jurisdictions has continued in recent years. However, there was much discussion and bitter criticism in respect of some provisions on high penalties and control over transactions of related persons Ч residents of Ukraine. УThe legislation was approved within a very short period of time. There was almost no time to get used to it. And understanding of the practical application of the legislation by both taxpayers and the tax agency was gained as it was applied throughout the first yearФ, Yaroslav Romanchuk, managing partner of the International legal center EUCON, says... Expert Opinion Recognition and Enforcement of Awards in Ukraine: some Practical Aspects Kseniia V. Pogruzhalska The issue of recognition and enforcement of international arbitral awards is not new for Ukrainian courts. The procedure is established in chapter VIII of the Civil Procedural Code of Ukraine (hereinafter Ч the Code), and in several places makes references to the provisions of international treaties to which Ukraine is a party. The main problem in application of the Code arises in practice when local courts (and sometimes appellate and cassation courts as well), which are authorized to consider applications for the recognition and enforcement of arbitral awards, disregard the obligatory rules of the international agreements and groundlessly apply irrelevant provisions of the Code. As a result, the courts de facto prevent Ukraine from being recognized as an Уarbitration friendlyФ jurisdictionЕ In Re Challenge of Arbitration Awards on Merits Yaroslav A. Petrov It is generally recognized that an arbitral award shall be final and binding, but notwithstanding this it may be challenged in the courts of the country where it was rendered. National arbitration laws of different countries set out grounds for challenging (setting aside) of arbitration awards. As regards Ukraine, Article 34 of the International Commercial Arbitration Act (which mirrors the UNCITRAL Model Law on the International Commercial Arbitration of 21 June 1985 (the Model Law) contains the following exhaustive list of grounds for setting aside of arbitral awards, namely: Ч incapacity of a party that executed the arbitration agreement at the time of its executionЕ Challenge of the Arbitrator on the Grounds of Nationality: Shift in the ICAC Approach Needed Daniyil E. Fedorchuk International arbitration is based on the fundamental idea of independence and impartiality of the arbitrators settling disputes between companies originating from different states in a neutral forum. For this purpose, the parties are free to appoint arbitrators among specialists of any nationality (of course, subject to the requirement of proficiency in a language of arbitral proceedings). At the same time, arbitrators are expected to be free from any conflict of interests and remain independent of the parties, their counsels and not be reasonably engaged in the dispute in any way beyond their role as arbitrators... Wrong Arbitration Clause can Bring in Winning Award Lie Waste Nikolay V. Melnykov, Alexander V. Chebotarenko As we know, foreign economic activity is governed by international law and national laws of states involved in such relationships. Sometimes in international trade contentious situations occur which require prompt and impartial resolution. Thus, international arbitral tribunals have become basic and universal mechanism for resolving such conflicts. One of the main difficulties of settling international trade disputes is that even after the actual decision by the court in favor of the plaintiff: there is no firm guarantee of compulsory recognition and enforcement of the decision. Once an international commercial arbitration award has been completed, it is necessary to recognize and execute the same in due course in the appropriate court of the State where the respondent is located... Case Law Yukos Arbitrations: a Cautionary Tale for Governments Sergiy Y. Gryshko On 18 July 2014 the arbitral tribunal (Judge Stephen M. Schwebel, Dr. Charles Poncet, chaired by The Hon. L. Yves Fortier) constituted under 1976 UNCITRAL arbitration rules simultaneously issued final awards based on the 1994 Energy Charter Treaty (ECT) in three УYukos casesФ: Hulley Enterprises Limited v. the Russian Federation, Yukos Universal Limited v. Russian Federation, Veteran Petroleum Limited v. Russian Federation. Three claimants collectively held 70.5% in OJSC Yukos Oil Company, the largest Russian oil and gas company at one time, which was forced into bankruptcy in 2007 following the collection of a USD 24 billion tax bill by the Russian authorities Cover Story Sharpen the Vision Since the Ukrainian legal market is a mirror of the declining economy, lawyers have to retain austerity, at the same time responding to the problems of clients and reviewing their own business strategies. On the eve of the 10th anniversary of Lavrynovych & Partners, one of the most dynamic Ukrainian law firms, we discussed the situation on the market, the sharpen vision of the marketplace, lessons and opportunities on the ground with Maksym Lavrynovych, the firmТs founding partner... Global Legal Update Arbitration in Switzerland Ч High-Quality and Efficient Resolution of Business Disputes James Menz, Anna V. Kozmenko Switzerland has long been associated with neutrality, stability, and high standards of quality. Located in the heart of Europe, Switzerland is a multilingual and multicultural country and hosts numerous international organizations. Building on a long tradition dating back to 1872, Switzerland continues to be one of the leading venues for international commercial arbitration, attracting parties from all over the world, including Ukraine. According to International Chamber of Commerce (ICC) data, since 2000 Switzerland has consistently been ranked first or second among the venues for ICC arbitration proceedings worldwide. A survey of the CIS legal market revealed that Switzerland and Swiss law are among the top choices of CIS and Ukrainian parties for the seat of arbitration and applicable law, respectivelyЕ Venue Association in Practice On 24 September Kiev hosted the EU-Ukraine International Legal Forum held by Yuridicheskaya Practika Publishing. The preeminent practical dedication of the recently ratified Association Agreement drew the attention of the heads of central state authorities, partners of leading law firms, in-house counsels of large enterprises in Ukraine, representatives of international and Ukrainian business associations, scientists. The sessions covered a wide spectrum of issues, like reform of the legal system, free trade area, European future of Ukrainian business (agribusiness and food industry, IT, telecommunications, E-commerce, banking and finance), regulatory integration (intellectual property, harmonization of regulation environment, competition and public procurement), dispute settlementЕ Crux Sensitive Energy The policy of improving energy security is still being worked on. The Ukrainian government is once again facing the problem of energy dependence on the eve of the growing cold and coming heating season. The scale of problems appeared to be enormous and sector reforms Ч absolutely critical. Essentially, energy is considered engine behind its integration with the EU. This monthТs expert panel offers an opportunity to get a legal review on selected sensitive energy matters... Deals CMS advised lenders on pre-export financing for Kernel Group CMS Cameron McKenna has advised ING and UniCredit as coordinators, and lenders Citibank, BNP Paribas, Natixis, Rabobank, Arab Bank and Banque de Commerce et de Placements (BCP) on a sunflower oil based pre-export financing of up to USD 400 million for Kernel Group. The lenders provided a secured revolving facility of up to USD 400 million which is secured by the assignment of export receivables and pledge of commodities and guarantees from KernelТs key trading and operational companies. Cases Cases -Court refuses to collect in favor of bank Forum depositors- -ZhL violated the competition legislation- -Court increased claims of the prosecutorТs office against IAU- -Regional Council has appealed a court judgment on the Metalist arena- Draft Draft -Tax agreement- -Public procurement- -Provision of material resources- Law Digest Law Digest -Requirements to confirm payments for transportation services- -Currency stability- Chamber News Chamber News -Food & Beverage Committee Meeting- -Banking & Financial Services Committee Meeting- -Agricultural Committee Meeting- UBA News III UBA Tax Forum On 26 September the Tax Forum was held in Kiev. It has already become the third high profile event of the Ukrainian Bar Association. The chairman of the State Fiscal Service of Ukraine, Igor Bilous, attended the venue and participated in an open dialog with leading tax specialists. Alexander Minin, senior partner of WTS Consulting (former KM Partners), provided a presentation on necessary changes that, in his opinion, should be made in tax legislation. Tax reform is needed to move Ukraine up in the world tax rating and stay competitive in comparing with other countries... Biznews Biznews -President Poroshenko approves legislation to reform national gas transportation system- -Oil and gas Kuwait Energy sells its assets in Ukraine- -Ukraine moves 8 steps higher in the Global Competitiveness Index- -AMCU fined Lvivoblenergo- -Authorities of Crimea nationalize oil storages and some gas stations of Privat- -Rules to enter Crimea change for Ukrainians- -European Parliament ratified EU-Ukraine Association Agreement- -Only five major banks passed IMF stress test- Subscribe Subscribe to The Ukrainian Journal of Business Law right now and enjoy the most relevant issues on doing business in Ukraine on your device or in print. All this for just USD 9.99 a month. Sign In E-mail Password Remember Me Reset password Subscribe/Register HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS ANALYTICS SPONSORSHIP & ADVERTISING GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT HOME CURRENT ISSUE SUBSCRIBE & ORDER NEWS ADVERTISE GET PUBLISHED EDITORIAL CALENDAR ARCHIVE CONTACT BANNER EXCHANGE Copyright © 2003-2014 by Yuridicheskaya Practika Publishing. All rights reserved.