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Belarus-related sanctions restrictions were recently introduced by the United States, the European Union, the United Kingdom, Canada, Switzerland and Ukraine. The objective of newly introduced sanctions is to mount international pressure against the current oppressive regime in Belarus by preventing international companies from doing business in selected economic sectors of this country.

On 30 June 2021, Verkhovna Rada of Ukraine adopted a new payment services law. The law seeks to: (i) remove certain regulatory barriers for entering the Ukrainian payment services market, and (ii) implement certain European Union laws applicable to the payment services, such as Directive 2015/2366 (PSD2) and Directive 2009/110/EC (Second E-Money Directive). The law came into force on 1 August 2021 and provides the stakeholders with 12 months to prepare for the launch of the new payment services market. The law may affect many business models in payment services business which were previously essentially unregulated.

On Monday, 26 July, the Ukrainian president enacted a decision of the National Security and Defense Council, which imposed economic sanctions against six individuals and ten entities, including three non-profit organizations related to the self-proclaimed Donetsk People’s Republic.

On Monday, 26 July, the Ukrainian president enacted a decision of the National Security and Defense Council (NSDC), which imposed economic sanctions against six individuals and ten entities, including three non-profit organizations related to the self-proclaimed Donetsk People’s Republic.

On 15 June 2021, the Parliament of Ukraine adopted a law commonly referred to as the Tax Amnesty Law1 (“Law”), which introduces voluntary disclosure program with respect to unreported taxable income and assets. On 21 July 2021, the Law entered into force. By its terms, the tax amnesty will be available from 1 September 2021.

Banks seem to face difficulties in implementing their digital transformation projects due to the regulatory restrictions directly or indirectly applicable to cloud computing. This publication represents the initial results of Baker McKenzie’s Kyiv office ongoing research of potential regulatory obstacles for a bank to migrate into a cloud environment leveraging market survey conducted during spring this year.