The UK Government announced, on 31 January 2022, a planned expansion of the UK’s sanctions regime against Russia in relation to developments concerning Ukraine. Limited detail has been published, so far, on the scope of the proposed changes. The new sanctions will be introduced as part of new legislation due to be implemented by 10 February 2022.
This 30-minute webinar hosted by Baker McKenzie cyber experts Paul Glass in London and Cyrus Vance in New York, on Tuesday 22 February 2022, will discuss the cyber-related risks to businesses from this ever evolving situation related to Russia-Ukraine, and how they can prepare today to mitigate risks.
On 25 January 2022, a new set of personal special economic and other restrictive measures became effective (“Decisions”). The Decisions impose extensive sanctions restrictions, including asset freezes, restriction on the exit of capital from Ukraine, suspension of the performance of economic and financial obligations, a ban on trade operations, prohibition of participation in privatization and leasing of state property, cancellation of visas and licenses, entry bans, etc., upon certain legal entities and individuals.
Baker McKenzie are pleased to invite you to two follow up webinars of 30 minutes focused specifically on the latest developments and operational considerations on the ground in Ukraine and in Russia. Webinar 1 – on 10 February 2022 – will focus on Ukraine and Webinar 2 – on 15 February 2022 – will focus on Russia.
On 21 October 2021, the Ukrainian Parliament adopted the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Concerning the Development of Biomethane Production” (“Law”), which supplements the Laws of Ukraine “On Alternative Fuels” and “On the Natural Gas Market”2 with new provisions on biomethane treatment. In addition to the introduction of the “biomethane” definition, the Law establishes grounds for the functioning of the biomethane register and the issuance and circulation of the so-called guarantees of origin of biomethane.
On 30 October 2021, the president of Ukraine enacted four decisions of the National Security and Defense Council of Ukraine imposing personal special economic and other restrictive measures. The Decisions impose extensive sanctions restrictions, including, among others, asset freezes, restriction on the exit of capital from Ukraine, a ban on trade operations and the transit of resources, flights and transportation within the territory of Ukraine, and the suspension of the performance of economic and financial obligations, etc., upon legal entities and individuals involved in various activities.
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 16 July 2021, the Order of the Ministry of Economy of Ukraine No. 913-21 approving the templates of employment agreements on home and distance work came into effect.
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.