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On 19 September 2023, the Cabinet of Ministers of Ukraine and the National Bank of Ukraine adopted Regulation No. 1011, introducing a comprehensive methodology to identify the ultimate beneficial owners (UBOs) of legal entities in Ukraine. This significant development aims to enhance transparency and provide detailed guidance on the process of identifying UBOs, with the ultimate goal of ensuring that legal entities in Ukraine are able to correctly identify UBOs within their ownership structure and disclose this information to the competent authorities.

On 12 September 2023, the President of Ukraine signed Law No. 5431 “On Amendments to Certain Legislative Acts of Ukraine to Improve the Activities of the Antimonopoly Committee of Ukraine” (“Law”), which launched a reform of Ukrainian competition law. The Law will enter into force on 1 January 2024.
The Law was developed together with competition law experts from the EU in line with the European Union-Ukraine Association Agreement. Adopting and implementing the Law is the first stage of the competition law reform, aimed at strengthening the powers of the Antimonopoly Committee of Ukraine (AMC) and bringing Ukrainian competition law and the AMC’s activities closer to the legal system of the European Union.

With effect from 16 May 2023, Ukrainian borrowers are allowed to make payments from Ukraine abroad to repay and service certain cross-border loans from foreign lenders. The exempt payments should not be made prior to the payment date stipulated in the relevant loan agreement. The National Bank of Ukraine has expressly prohibited any amendments to the existing loan agreements that would shorten the payment terms thereunder.

At the end of March, the Antimonopoly Committee of Ukraine published its Annual Report for 2022.The AMC focused on markets that are strategically important for the country, including the markets for: (i) electricity, (ii) natural gas, (iii) light oil products, (iv) housing and communal services, (v) construction materials (i.e., cement), (vi) medicines, (vii) real estate, (viii) information technologies, (ix) retail, and (x) other industry sectors.