ANNOUNCEMENT 23 Dec 2009In December 2009, the government of Ukraine announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Baker and McKenzie
On December 23, 2009 the National Bank of Ukraine adopted Resolution No. 762 "On Regulation of Issues Regarding the Making and Registration of Foreign Investments". The Resolution lays down the procedure for registration of foreign investors within 30 days from making the investment. More importantly, the several changes to the main act regulating foreign investment in monetary form in Ukraine - Regulation No. 280 "On Foreign Investment in Ukraine". Among others, all operations concerning investment can only be performed in Ukrainian currency through a local bank, similar rules will apply to the return of the foreign investment and deposits. The term "direct investment" disappears. The Resolution became effective on 15 March 2010.
The latter measure disadvantages foreign banks providing services to foreign investors.