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CbC reporting in Ukraine for companies in U.S.-headquartered multinational enterprise groups: First reporting FY2024
Ukrainian taxpayers operating within multinational enterprise groups (MNEs) with consolidated annual revenues exceeding EUR 750 million may, for the first time in 2025, be required to independently file Country-by-Country (CbC) reports. This applies in particular to companies that are part of MNEs with a U.S.-based ultimate parent entity. Please read the complete overview below in English or in Ukrainian. Download in English: Download in Ukrainian:
Labour relations under Martial Law: Recent amendments in Ukraine
Ukraine has adopted important changes to the legal framework regulating labour relations during martial law. The latest amendments impose new obligations on both employers and employees, including updated rules on communication, stricter dismissal restrictions, and limitations on the suspension of employment agreements. Please read the complete overview below in English or in Ukrainian. Download in English: Download in Ukrainian:
Ukraine competition law update: Key developments Q2 2025
In a key ruling, Ukraine’s Supreme Court has upheld a previously overturned conditional merger clearance by the Antimonopoly Committee of Ukraine (AMC) concerning two major Ukraine-based cement producers, namely CRH Ukraine and Dyckerhoff Cement Ukraine. Back in September 2024, the Commercial Court of Kyiv annulled a conditional merger clearance issued by the AMC for the CRH-Dyckerhoff transaction. Approved earlier that same month[1], with stipulated obligations related to production levels and fair market access, the merger clearance soon faced a legal challenge from competitor Kovalska, leading to months of litigation. Kovalska alleged that the AMC’s Phase II investigation lacked an adequate competitive analysis, particularly
NBU revises currency restrictions: Support for businesses and targeted enhancement of currency supervision
On 9 May 2025 the National Bank of Ukraine (NBU) published new amendments to existing currency restrictions introduced in February 2022, following the launch of Russia’s full-scale invasion. The revised regulatory provisions are aimed at creating a more favourable environment for attracting foreign capital, while maintaining effective controls over foreign currency flows. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Commentary re the US-Ukraine Reconstruction Investment Fund Agreement
The intergovernmental Agreement on the establishment of the US-Ukraine Reconstruction Investment Fund (Fund), signed on April 30, 2025, in Washington, D.C. (Agreement) reflects a reset of the US-Ukraine geopolitical relationship and looks to provide a strategic blend of economic investment and security cooperation. First and foremost, the Agreement signals US commitment to a sovereign Ukraine to the international community. It provides the US with a direct stake in Ukraine's economic reconstruction by creating the legal foundation for an economic bond between Ukraine and the US. It seeks to reflect the Trump administration’s market-driven approach to rendering foreign assistance by triggering co-investment mechanisms that
Special legal regime for the protection of intellectual property, established at the beginning of the war, canceled in Ukraine
On April 29, 2025, the President of Ukraine signed Law No. 4362-IX “On the Repeal of the Law of Ukraine ‘On the Protection of Intellectual Property Interests during Martial Law Imposed in Connection with the Armed Aggression of the Russian Federation against Ukraine’.” According to the adopted amendments, the temporary legal mechanisms, introduced in 2022 to support intellectual property rights holders in the context of the war, will expire on May 31, 2025. This means the abolition of the suspension of deadlines for taking actions related to the protection of intellectual property, including the deadlines for the renewal of the relevant certificates, patents and for filing oppositions to applications. Annual
Kinstellar and Strategy Council deliver the 3rd Defence Tech Forum in London
Following on the success of our two previous defence-tech events, Kinstellar and the Strategy Council, in partnership with the Embassy of Ukraine in the UK, were honoured to deliver the 3rd Defence Tech Forum in London on 25 April 25 at the Royal United Services Institute. The theme of the gathering was Ukrainian Technology for a New European Army: Galvanizing the private sector to meet UK-European security demands. The continued relevance of these events was underscored by His Excellency Ambassador Valeriy Zaluzhniy, former Commander-in-Chief of the Ukrainian Armed Forces. Ambassador Zaluzhniy opened the forum by summarising the changes to modern warfare and emphasising Ukraine’s position as the epicentre of real-time
Ukraine strengthens rights protections for bona fide purchasers
A new law, No. 4292-IX, dated March 12, 2025 (the “Law”), amending the Civil Code of Ukraine (the “Civil Code”), recently came into effect in Ukraine. The Law is designed to increase the level of legal certainty and to protect the rights of bona fide real estate purchasers. The main novelties are: 1. Limitation periods (Article 261 of the Civil Code) It is established that the limitation period for reclamation claims, or the recognition of rights to real estate transferred from state/municipal to private ownership, starts from the date of registration of the right of the first purchaser or transfer of property (in respect of which, at the time of such a transfer, no legal requirements for state registration
Kinstellar advises private investment group EMMA Capital on the strategic acquisition of Diamedix in Romania, Moldova, Bulgaria, and Ukraine
Kinstellar is pleased to announce that it has advised EMMA Capital Group, a private investment group, on its acquisition of Diamedix, one of Romania’s largest independent medical equipment distributors. The deal, closed through EMMA Capital’s subsidiary Emma Zeta, marks a significant expansion of the group’s footprint in the medical technology and diagnostics sector across South-eastern Europe. The transaction includes the acquisition of Diamedix Impex, along with its five subsidiaries operating in Romania, Moldova, Bulgaria, and Ukraine. Kinstellar provided comprehensive legal support on all aspects of the transaction, including due diligence review, guidance on structuring/closing, foreign direct investment (FDI)
Repeal of the Commercial Code of Ukraine: Analysis of Law No. 6013 and its implications for the country’s legal system
The adoption by the Verkhovna Rada of Law of Ukraine No. 6013 “On the Peculiarities of the Regulation of Entrepreneurial Activity by Certain Types of Legal Entities and Their Associations in the Transition Period” (the “Law”) represents a fundamental reform of private law in Ukraine. The Law not only repeals the Commercial Code of Ukraine (the “Commercial Code”), which had been in force since 2004, but also initiates a fundamental restructuring of the system of the legal regulation of economic relations in the country. Any analysis of the key aspects of the reform needs to take into account both its legal implications and practical challenges for business entities, especially in the context of harmonization
Navigating the legal landscape: The implementation status of MiCA
As the cryptocurrency market continues to captivate investors worldwide, understanding the regulatory landscape becomes more crucial than ever. In this respect the Markets in Crypto Assets Regulation (the MiCA) is a ground-breaking initiative by the European Union (the EU) aimed at establishing a robust framework for digital asset markets. With MiCA application having taken effect on 30 December 2024, EU member states are now in the process of aligning their national legislation with the new rules and addressing the practical challenges of implementation.Click on the image below or use the following link to read our overview in English. For more
Status of CSRD transposition in Central and Eastern Europe and its legal implications
Kinstellar hosted a special webinar event on 11 February 2025, focusing on the latest status of transposition of the Corporate Sustainability Reporting Directive (CSRD) in Central and Eastern Europe as well as some other legal and regulatory updates relevant to ESG in EU neighbouring countries. The webinar provided valuable insights into the crucial legal factors in preparing for CSRD reporting and a comprehensive understanding of key ESG rules being rolled out in the CEE and beyond. Topics covered: Status of CSRD transposition in Bulgaria, Croatia, Czech Republic, Hungary, Romania and Slovakia Legal considerations of CSRD reporting Other ESG regulatory updates in Serbia, Turkey and