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Ukraine Cancels Special Economic Sanctions Imposed Against About 27,000 Companies

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Yesterday, the Cabinet of Ministers of Ukraine published its decision1 cancelling all special economic sanctions imposed by the Ministry of the Development of Economy, Trade and Agriculture of Ukraine (MEDT) before 7 February 2019. According to the media post from the Minister of the MEDT Tymofiy Mylovanov, the sanctions were lifted with respect to about 27,000 companies (both foreign and Ukrainian). The decision enters into effect on 6 March 2020.

The legislative underpinning and legal significance of this act remain uncertain. We recommend seeking legal advice on each individual case.

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Serhiy Chorny is a co-managing partner of the Kyiv office of Baker McKenzie and head of the Kyiv office's Banking, Finance and Capital Markets Group. He is highly ranked by leading international and Ukrainian legal directories, including Chambers Global, Chambers Europe, The Legal 500 EMEA and IFLR1000, in various practice areas, including banking and finance, capital markets, structured finance, securitization, restructuring and insolvency, and financial services.

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