On 14 April 2022, the Civil Cassation Court of the Supreme Court issued its judgement in case No. 308/9708/19 (“Judgement”). The Judgement establishes that national courts have jurisdiction over claims for compensation of damage caused to individuals by military actions of the Russian Federation.
On 28 April 2022, Resolution of the Government of Ukraine “On Amendments to Certain Resolutions of the Government of Ukraine on Notaries’ Activity and Functioning of Unified and State Registers Held by the Ministry of Justice, during Martial Law” No. 480-2022-p, dated 19 April 2022 (“Resolution”), entered into force, amending several previously adopted resolutions (as described in the Legal Alert, dated 29 March 2022).
Ukrainian Parliament currently considers bill No 7232 that increases tax rates for Ukrainian businesses related to Russia (the “Measure”). The aim of the bill is to discourage corporations from Russian business activities. If successful, it should decrease Russian fiscal revenue, which will leave Russia with less funds available for warfare. There is, obviously, a huge social request and support for such measures. However, actual effect of the bill is far not that definitive.
According to the CEE Legal Matters CEE By The Numbers report, between 2019 and 2021, Ukraine saw a large decrease in the number of ranked law firms and lawyers at ranked firms. While in 2019 the number of Ukrainian law firms ranked by Chambers & Partners and Legal 500 was 95, in 2021 the same number decreased to 69. Similarly, the number of ranked-firm lawyers decreased from 1,579 in 2019 to 1,338 in 2021. The decreasing trend is particularly visible in comparison to other CEE countries.
Avellum, April 12, 2022: Today the whole world is witnessing unheard brutality and cynicism of the Russian military aggression against Ukraine. The war that Russia started targets not only military facilities in Ukraine, but civil objects, hospitals, schools, residential, and office buildings. The mass genocide of Ukrainians has intensified, Russian invaders no longer even try to conceal their atrocities against civilians and carry them out in front of the entire world.
One of Ukraine’s legal responses to Russia’s full-scale aggression was a legislative initiative aimed to confiscate the property of the aggressor state. On 3 March, the Ukrainian Parliament put this initiative into practice by adopting the Law of Ukraine “On Basic Principles of Confiscation of Property Held in Ukraine by the Russian Federation and its Residents” (“Law”), and on 10 March, the Law was signed by the President.
On 24 February 2022, Russia started a full-scale invasion of Ukraine, being part of its aggression against our country commenced in 2014. Europe has not seen armed conflicts of such scale and brutality for decades. Reliable evidence confirms that Russian troops are making indiscriminate attacks including air raids, ballistic missile strikes and bombings. Residential housing, utilities, critical infrastructure are being destroyed all over Ukraine. The United Nations reports at least 240 civilian casualties and 64 deaths in Ukraine as of 26 February 2022. Apart from that, hundreds of thousands of peaceful Ukrainians had to flee violence to Western Ukraine and neighboring countries.
The capital markets in Ukraine have been a sleeping topic until recently. On June 19, 2020, the Ukrainian Parliament has restated the Law of Ukraine on Capital Markets and Organized Commodity Markets (Law). The restated Law became effective in July 2021, introducing a whole new framework for the issue of securities in Ukraine. It implements the most important EU capital markets regulations, including MiFID II, MiFIR, and CRD IV.