Agreement on Digital Trade between UA and UK, ban on export of fuel wood

Agreement on Digital Trade between Ukraine and Great Britain

According to the statement of the Ministry of Economy of Ukraine, on 30 November 2022, the Minister of Economic Development of Ukraine and the Secretary of Great Britain for International Trade agreed to conclude a bilateral Agreement on Digital Trade.

It`s expected that the Agreement will expand support for Ukraine’s economy in the context of the full-scale Russian invasion and lay the foundations for further successful post-war reconstruction.

In particular, the agreement provides for:

  • non-application of customs duties in digital trade (without excluding the freedom of taxation);
  • launch of electronic transactions, conclusion of contracts electronically, electronic identification, paperless trade, protection of personal information, etc.

 

Adding violation of restrictive measures to the list of crimes of the European Union: decision of the Council

According to the statement on the website of the Council of the EU, on 28 November 2022, the Council decided to add violations of restrictive measures (circumventing sanctions) to the list of EU crimes according to the Treaty on the Functioning of the EU.

In particular, the inclusion of the violation of restrictive measures in the list of “EU crimes” is aimed at:

  • ensuring the same level of application of sanctions throughout the EU territory;
  • prevention of attempts to circumvent or violate EU restrictive measures.

 

Ban on export of fuel wood: decision of the Cabinet of Ministers of Ukraine

According to the statement of the Prime Minister of Ukraine Denys Shmyhal, on 25 November 2022, the Cabinet of Ministers of Ukraine decided to ban the export of fuel wood.

It is also states that Ukraine is working on increasing the volume of supplies of transformers and high-voltage equipment from abroad.

 

The obligation to create a supervisory board from 1 January 2023

The National securities and stock market commission of Ukraine has pointed out that the transitional provisions of Law No. 3480-IV dated 23.02.2006 contain a mandatory provision for companies to establish a supervisory board from 1 January 2023.

The provision applies to professional participants of capital markets and organized commodity markets, operating in the form of a limited liability company or a company with additional liability, and in which no other body responsible for supervision has been established.

In addition, starting from 1 January 2023, Boards of Directors may be formed under the new law on joint-stock companies.