The Law on Investment Insurance Against War Risks has been adopted: what does it provide?
On 22.11.2023, the Verkhovna Rada adopted a law on investment insurance against military risks (draft law No. 9015), expanding in this way the powers of the Export-credit agency (ECA).
Thus, according to the draft law, the ECA will have the authority to insure investments against military and political risks, which will allow Ukrainian investors and entrepreneurs to count on compensation for losses in case of “missile attack”.
The insurance covers direct investments of Ukrainian companies in the processing industry and export of Ukrainian goods, as well as loans related to such investments.
The list of military and political risks, as well as the terms and conditions of insurance and reinsurance of such risks, will be determined by the Cabinet of Ministers in consultation with the NBU.
The Law will enter into force on 01.01.2024 after its signature by the President of Ukraine.
KCCI Recognizes Traffic Difficulties on the Border with Poland as Force Majeure
The Kyiv Chamber of Commerce and Industry responded to the complications of freight traffic due to strikes of Polish carriers on the border with Poland and reminded that the strike is a force majeure.
Therefore, if a business entity or individual fails to fulfill or improperly fulfills its obligations due to the complications of border traffic on the Polish side, such entity or individual may apply to the CCI for a force majeure certificate.
The application form and other documents for force majeure certification are available by the link.
Customs Extended Delivery Time for Goods Due to Strikes by Polish Carriers at the Border
On 22.11.2023, the State Custom Service of Ukraine announced an increase in the deadline for delivery of goods under the joint transit procedure to the customs office of destination, taking into account the situation on the border with Poland.
Thus, the deadline for the submission of goods can now be determined within the range of up to 60 days.
In addition, the NCTS Support Service of the State Customs Service sent an appeal to all the countries participating in the Convention on the Joint Transit
Procedure to take into account the situation on the Ukrainian-Polish border when completing the joint transit procedures initiated in Ukraine, in particular with regard to possible violation of delivery times due to circumstances beyond the control of carriers.
The Law on the Granting and Use of Vacations was adopted
On 22.11.2023, the Verkhovna Rada adopted a law amending certain legislative acts to regulate the granting and use of vacations, as well as other issues (draft law No. 8313).
The draft law proposes to introduce amendments to the rules for granting and using vacations, in particular for military personnel, that are relevant in the current conditions.
For example, the draft law provides for the following changes in regard to military personnel:
- the possibility for demobilized soldiers to receive a vacation of 60 working days with a two-month salary during the mobilization period;
- the right of citizens to monetary compensation for all unused days of annual leave and additional leave (for certain categories of persons) in case of being called up for military service during mobilization.
The law is currently pending submission to the President of Ukraine for signature.
The Procedure for Classification of Waste as By-Products Approved: What is Provided?
On 17.11.2023, the Cabinet of Ministers adopted Resolution No. 1214, which approved the Procedure for classifying substances or items as by-products and the relevant criteria for classifying substances or items as by-products.
The Government’s decision includes a number of the following key provisions:
- substances and objects generated in the production of the main product, subject to the conditions of suitability, may be considered as by-products;
- the decision to classify residues as by-products is made solely by the waste producer and may be necessary to minimize production waste. In order to make such a decision, it is necessary to implement a quality management system or an environmental management system, which will include procedures for monitoring production practices, customer feedback, separate storage of production residues, etc.;
- imposing on the waste producer the obligation to enter relevant data into the waste management information system, test residues for compliance with certain criteria, and report on the residues classification as by-products on a quarterly basis.
The said Resolution will enter into force six months after the date of termination or cancellation of the martial law regime.
The Parliament Supported the Draft Law on the Use of the English Language in Ukraine
On 22.11.2023, the Verkhovna Rada adopted as a basis the draft law No. 9432 on the use of the English language in Ukraine.
The document:
- establishes the status of English as one of the languages of international communication in Ukraine;
- defines the positions for which candidates are required to speak English;
- regulates the specifics of the use of English in the work of government agencies, local self-government bodies, emergency units, border crossing, education, transport and healthcare.
Sanctions Imposed on Russia: More than 300 Legal Entities and Almost 150 Individuals
On 23.11.2023, the President of Ukraine enacted the decision of the National Security and Defense Council dated 23.11.2023 to impose sanctions against individuals and legal entities residing in Russia and some other countries.
This is stated in the relevant President’s Decrees No. 772 and No. 773 dated 23.11.2023.
Draft Law on Cryptocurrency Market Registered in the Parliament
On 17.11.2023, the Verkhovna Rada registered draft law No. 10225-1 on the circulation of virtual assets, which, in particular, proposes to introduce taxation of income from cryptocurrency trading.
The draft law also obliges legal entities and individuals to keep records of transactions with virtual assets.
The draft law has now been submitted to the committees for review.
Parliament Allowed One-time Sale of Frozen Russian and Belarusian Rubles
On 22.11.2023, the Verkhovna Rada adopted a law allowing Ukrainian citizens and businesses to sell Russian and Belarusian rubles in non-cash form from accounts in resident banks, which were “frozen” with the beginning of full-scale aggression, through non-Russian and non-sanctioned banks until 31.12.2024 (draft law No. 9422).
The law is currently pending submission to the President of Ukraine for signature.
![Law Firm Logo](https://sdm-partners.com/wp-content/uploads/2023/09/sdm-bot-logo.png"){kind=logo}