Ukraine cancels special economic sanctions imposed against about 27,000 companies

On 3 February 2020, the Cabinet of Ministers of Ukraine published its decision (Resolution of the Cabinet of Ministers of Ukraine No. 1180 dated 4 December 2019 “On Cancellation of the Special Sanctions Imposed under Article 37 of the Law ‘On Foreign Economic Activities’”),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. For more information, please contact Hanna Shtepa and Serhiy Chorny.