The Ukrainian Journal of Business Law

[http://ukrainianlawfirms.com] Counse link Aequo Senator Business Center, 32/2 Moskovska Street, 15th floor, Kyiv , 01010 , Ukraine Phone: +38 (044) 490 91 00 office@aequo.ua www.aequo.ua 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 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 Benchers law firm Parus Business Center, 2A Mechnykova Street, Kyiv , 01023 , Ukraine Phone: +38 067 780 04 00 info@bencherslf.com www.bencherslf.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 EUCON Legal Group 5a Peremohy avenue, office 500, Kyiv , 01135 , Ukraine Phone: +38 (044) 238 04 13 info@euconlaw.com www.euconlaw.com EQUITY 4 Rylskyi lane, Kyiv , 01001 , Ukraine Phone: +38 (044) 238 04 13 info@equity.law www.equity.law GOLAW 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 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/ 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 Sergeyevs` Law Office 11/6 Armiiska Str., Office 2A, Odesa , 65058 , Ukraine Phone: +38 (050) 199 8228 Fax: +38 (048) 737 8228 office@srgv.com CURRENT ISSUE ( November-December 2021 ) In focus – Energy Each and every heating season in Ukraine puts the topic of energy onto the political agenda. The past autumn is no exception, provoking lots of talk regarding the availability of gas and coal at storages, record global gas prices, attempts to put Nord Stream 2 into commercial operation, challenges for generation capacities, emerging electricity imports from Belarus and the possibility of local blackouts. The key issues are the results of RussiaТs geopolitical strategy to blackmail Europe. To be fair, a significant chunk of problems come from the Soviet legacy, as energy efficiency in the household sector was not properly reformed. Expert Opinion The Legal Manual for Using the Window of Opportunity in the Ukrainian Energy Sector by Sergii Zheka The Ukrainian energy sector has been developing steadily over the last couple of years and has seen particularly growing interest from foreign companies wishing to enter the Ukrainian gas and electricity markets. Foreign companies may, of course, participate in the above-mentioned markets without setting up permanent establishments in Ukraine ( e.g. trade on the border with Ukraine or store gas in Ukrainian gas facilities). That is what some foreign companies do. Sergii Zheka is a senior associate at Wolf Theiss In Re Legal Regulation of Green Hydrogen in Ukraine by Maryna Hritsyshyna Ukraine has incredibly large potential for renewable energy production. According to the atlas of energy potential of renewable energy sources of Ukraine, as prepared by the Institute of Renewable Energy Sources, the potential of installed capacities for renewables in Ukraine is 874 GW, where 688 GW is wind energy and 82.76 GW is solar energy. As for the assessment of green hydrogen production in Ukraine, according to the most basic scenario, UkraineТs renewable energy potential is 537 GW of installed capacities, though this could rise to 771 GW pursuant to a more optimistic scenario. On the basis of these figures, the potential for green hydrogen production in Ukraine is 505,133 million cubic meters. Maryna Hritsyshyna is a counsel at Sayenko Kharenko UkraineТs Huge Biomethane Potential Ч What Potential Exporters should Know by Maksym Sysoiev, Volodymyr Omelchenko Biomethane prospects in Ukraine Thanks to its extensive agricultural sector, Ukraine holds vast resources for the production of biomethane. This green energy source has garnered significant attention by Ukrainian producers and foreign investors, as many countries offer incentives for biomethane to become the green energy alternative to natural gas used in industry. Maksym Sysoiev is a partner at Dentons Volodymyr Omelchenko is a junior associate at Dentons Implementation of REMIT into Ukrainian legislation by Natalia Hutarevych In 2015, Ukraine introduced a new natural gas market model based on the European Union model. In 2019, a new electricity market model was launched in line with EU rules. At the same time, Ukrainian energy market models have their specifics, which have been caused, among other things, by a desire to mitigate the impact of dramatic changes in energy market rules on the least protected participants and consumers. Natalia Hutarevych is a senior associate at Sayenko Kharenko News Deals Baker McKenzie advised the shareholders of Depositphotos AVELLUM advised MHP on investment into Foodz Baker McKenzie advised First Ukrainian International Bank Sayenko Kharenko advised Getin Holding S.A. Cameron McKenna Nabarro Olswang advised EBRD Cases Dutch Supreme Court rules to review decision obliging Russia to pay USD 50 billion to YUKOS shareholders Google lost case related to fine of EUR 2.42 billion to European Commission German court rejects claim filed against Nord Stream-2 by environmental experts Russia to compensate USD 1.4 billion for Crimea: Oschadbank appeals to French Court of Cassation Draft Parliament upheld new tobacco taxation mechanism Draft law crucial for timber market adopted in first reading Law digest President Volodymyr Zelensky signed law on energy efficiency Bureau of Economic Security will start its operations in full Parliament adopted a new law on the insurance market The chamber American Chamber of Commerce Presents the 2021 Thanksgiving Award to UkraineТs Healthcare Professionals Biznews Banking & Finance EBRD to invest USD 75 million in Ukrenergo Eurobonds to repay “green” debts Internet Yahoo, as well as LinkedIn earlier, cease operations in China M&A Americans to acquire Depositphotos developer Google invested USD 1 billion in CME Group Aviation Ukraine and EU signed long-awaited Treaty on Open Skies Investment This year companies around the globe raised a record amount of USD 600 billion at IPO Applications for “investment nannies”: 17 have been filed by Ukrainian investors, and 10 — by international companies Facebook to hire 10,000 persons to create a virtual world State Sector The largest state-owned enterprises earned UAH 13 billion in six months Cover Story Commitment to Stabilization The regulatory developments surrounding the establishment of the electricity market in Ukraine and commitments undertaken by the Government towards the renewable energy investors are part of a long-lasting, ongoing battle on all fronts involving stakeholders and the state. We discussed the situation with new and existing investment projects with Ivan Bondarchuk , counsel, head of energy and natural resources at LCF Law Group , as well as the stateТs performance to stabilize the situation and relaunch the confidence of investors. Biz Lunch Timely Questions Investment arbitration may be seen as an indicator of business climate, investors’ trust in and predictability of state policies, and reputational concerns for states. We have reached out to David Pinsky , a partner in the New York office of Covington & Burling , and asked about the investment arbitration landscape and about his firm’s international arbitration practice. As arbitration counsel in investment arbitration cases involving Ukraine, in particular aimed at recovery of damages from Russia’s seizure of Ukrainian investments in Crimea, Mr. Pinsky explained his commitment to his work from both a professional and a human side. Our editorial team is grateful to him for speaking with us. Crux Legal Digest For the past few months, we have carefully monitored the most important novelties and initiatives in Ukrainian legislature. The highlights of the period are definitely the newly-adopted Law On Meditation and the recently signed EU-Ukraine Open Skies agreement, both of which were long-awaited in the legal sphere and beyond. Another significant initiative is the presidential draft On Ratification of the Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters. For your attention there is also Law No. 3959-1, which finalizes the launching of the Bureau of Economic Security and important laws in the agriculture and infrastructure fields. 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. 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