The Ukrainian Journal of Business Law

[http://pravo.ua/events.php?id=60] 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 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 DLF attorneys-at-law Torus Business Centre, 17d Hlybochytska Street, Kyiv , 04050 , Ukraine Phone: +380 44 384 24 54 Fax: +380 44 384 24 55 info@dlf.ua www.dlf.ua ECOVIS Bondar & Bondar Law Bureau 3 Rognidyns'ka street, office 10, Kyiv , 01004 , Ukraine Phone: +38 (044) 537 09 10 Fax: +38 (044) 537 09 10 Kyiv-law@ecovis.com www.ecovis.com/ua 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 Hincker et associes Law Firm 18 avenue de la Marseillaise, Strasbourg , 67000 , FRANCE Phone: +33 (0) 388 15 14 26 Fax: +38 (0) 388 15 19 85 Hincker@hincker-associes.com http://www.hincker-associes.com/ru 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 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 KUSHNIR, YAKYMYAK & PARTNERS 19-B Instytutska Street, Suite 40, Kyiv , 01021 , Ukraine Phone: +380 44 253 5939 Fax: +380 44 253 5940 kypartners@kypartners.com www.kypartners.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 S.T. Partners 61/11 Volodymyrska Street, Kyiv , 01033 , Ukraine Phone: +380 44 234 4097 Fax: +380 44 289 9850 info@stpartners.com.ua www.stpartners.com.ua CURRENT ISSUE ( July-August 2017 ) In focus – Agribusiness There is already a legend about fertile Ukrainian black soil and never ending land ownership reform in this country. The obvious competitive advantage in agriculture is performed much lower than 100%. The anticipated launch of agricultural land turnover has been dragging on for years. It results in limited development of financing, particularly mortgage lending. The absence of a land market is a constraint on develop- ment, but is favorable for many important stakeholders that have invested a lot in adjusting the current state of play. Production is concentrated among large agrarian holdings. They account for a substantial share of the countryТs export, have an extremely well-established lobby, significance for the economy and can even determine state policy. Meanwhile, the big agrarian players widely use alternative mechanisms and seem to be quite optimistic about growth. We saw an expansion of their land banks and facilitation of sectoral M&A in the first half of 2017. The revival on the capital markets front is also mainly due to the agrarian sector. Expert Opinion Farmland: Current Trends Viacheslav Lytvynets Agribusiness provides more than 40% of UkraineТs exports. And this number is increasing every year. The investment attractiveness of agriculture is recognized by public policy and international investors. In Re Acquisition of Rights to Farmland in Ukraine by Non-residents Valery Fedichin Ukraine is home to some of the worldТs most fertile soils, including the famous chornozem (black earth) soil, estimated to cover about a half of its territory. Given that, and with the ongoing shift away from manufacturing and other industrial sectors, the nation seems well on its way to becoming an agrarian power. Farming is one of the few economic segments into which investment is still flowing. Yet Ukraine remains ambivalent about foreign presence in agriculture. In particular, it restricts foreign ownership of farmland, and the sale of such land is altogether prohibited for the time being. Trade Finance in Agribusiness Taras Dmukhovskyy It is a well-known fact that agriculture plays a significant role in the Ukrainian economy. Considering the rising global demand for food products, this sector of Ukrainian economy is likely to grow even further. In order to maintain and improve the current stage of development of the agro industry, Ukrainian agro companies need sufficient financial resources. However, traditional lending from Ukrainian banks does not satisfy the demand for the financing required by Ukrainian agro companies. Ukrainian agro companies are also limited in their ability to obtain traditional bank lending from foreign lenders due to the limited appetite of foreign banks for Ukrainian risk. Besides, attracting financing through the issue of Eurobonds on international capital markets is only available for a few large Ukrainian agro companies. News Deals Asters — legal counsel to IFC Baker McKenzie advised International Finance Corporation AVELLUM — legal advisor to MHP Vasil Kisil & Partners advised Camozzi AEQUO — legal counsel to Agroprosperis Bank AVELLUM advised Kernel Holding S.A. AEQUO acted as legal advisor to Industrialbank Cases Siemens filed claim to return turbines from Crimea Kiev court canceled ban on delivering goods to Crimea International Court in The Hague ruled against the RF for arrest of Greenpeace vessel UAH 2.834 billion recovered from ESU, SCM subsidiary company Draft Abolition of minimum prices for cigarettes proposed Reducing financial burden on transactions with payment cards Increasing limit for duty-free goods movement is proposed Ukrainian drivers to change licenses to European-style documents Law Digest NBU simplified rules for investing abroad Requirements for loan intermediaries established Exemption from fines for taxpayers affected by cyber attacks NBU made it easier to verify financial transactions with Russia Energy Efficiency Fund Law Biznews Privatization Start of energy company privatization AMCU AMCU closed case against Kyivstar Oil & Gas Ukrnafta looking for investors for projects in field of gas production, drilling and processing Transportation Flixbus expands its business in Ukraine Cryptocurrencies Swiss bank began opening accounts in bitcoins Ripple cryptocurrency sees 3000% jump in value Chamber News American Chamber of Commerce in Ukraine marks 25th Anniversary at Gala Celebration On 1 June UkraineТs Business Community Event of the Year brought together 1,500 VIP guests to celebrate the 25 th Anniversary of the American Chamber of Commerce in Ukraine at Mysteskyi Arsenal. UBA News Data Privacy and Security in the Digital Era On 27 July 2017 the Ukrainian Bar Association ICT Committee organized a meeting with Patrick M. Bell, an American data protection expert. During the event the speaker described ways to protect data in the United States, EU and other jurisdictions around the world with participants. Cover Story Cornerstones of Law Ukrainian agriculture is one of the core drivers of the economy. This sector demonstrates growth even in times of unfavorable market conditions and numerous constraints and restrictions to its development. The moratorium on the sale of agricultural land produces a great deal of emotive debate and is widely quoted by populists to earn political points. From the business perspective, the situation has resulted in the spreading of an alternative to sale mechanisms and determined a certain market landscape that is rather suitable for big players. It revealed that too many stakeholders follow their own interests and fail to consolidate around cornerstones of law. We arranged a very insightful conversation with the Real Estate and Land Law Practice at the Spenser & Kauffmann law firm, contributed to by its head Aleksandra Fedotova , partner, PhD, co-head Maksim Maksimenko , counsel, PhD, and Dmitriy Nikolov , associate. Argument Transparent Insurance in Agribusiness Ч Road to a Civilized Land Market Alexey Khomyakov While the Ukrainian Parliament continues heated debates over the open market for agricultural land, one thing remains clear Ч the lifting of the moratorium on sale of agricultural land is an inevitable process, which is largely driven by globalization and the expansion of influence of major world corporate groups in Ukraine. However, for the land market and agribusiness to become transparent and efficient, the relevant risk management systems have to be implemented. Agricultural insurance is one of the possible options to hedge pertinent agricultural risks along with the development of transparent financing instruments in agriculture, thereby fostering growth and development of the Ukrainian land market. Enforcement of GAFTA and FOSFA Awards in Ukraine Ivan Kasynyuk, Olga Kuchmiienko Without any modesty, we can confirm that Ukraine is one of the major global exporters of agrarian commodities. In particular, sunflower oil and seeds, grain and barley are distinctly Ukrainian. Thus, the share of disputes at arbitrations of GAFTA (The Grain and Feed Trade Association) and FOSFA (Federation of Oils, Seeds and Fats Associations) related to Ukraine is quite substantial. Here we will analyze the ways in which international arbitral awards can be enforced in Ukraine. Crux Legal Digest The summer of the outgoing year was notable for a number of legislative initiatives such as amendments to the Customs Code in terms of the duty-free limit for cross-border goods movement, changes in accounting and financial reporting, introduction of a new model of healthcare financing. In addition, the President has signed the disputable Law On the Constitutional Court of Ukraine, which was approved by Parliament at the third attempt. We also ask for hands on comments on the new rules for the development of oil and gas fields in Ukraine and NBU and NSSMC Memorandum of Understanding on development of the capital markets infrastructure. Biz Lunch Advocating for Change On 2 June the challenges of being an in-house counsel were examined by Dana Wagner, US lawyer and former head of the antitrust practice at Google and general counsel of Square, who was in Kiev to hold a master class arranged by EVERLEGAL law firm. We met up with the expert and asked him to share his vision of the GCТs role in the ever-changing technological environment. 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 © 2003-2017 by Yuridicheskaya Practika Publishing. All rights reserved.