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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

“In case of imposing a moratorium onto enforcement of rulings upheld by Ukrainian courts the debtor indebtedness of Ukrainian banks in Crimea may be easily written-off as uncollectable,” – Attorney at Ilyashev & Partners Law Firm, O. Vygovskyy

14.07.2015

Oleksandr Vygovskyy, Attorney at Ilyashev & Partners Law Firm
Source: The Yurydychna Praktyka

The State Duma of the Federal Assembly of Russian Federation is planning to review a draft law on imposing a moratorium in the occupied Crimea onto banking and other concurrent activities of legal persons-residents of Ukraine. By enacting a draft law the Russian Federation is planning to impose moratorium onto banking and concurrent, including debt collection activities of legal persons-residents of Ukraine who do not hold a license issued in the Russian Federation and were registered in Crimea prior to its unlawful annexation to Russia, as well as onto activities of individual and legal persons acting in their interests.

Attorney of Ilyashev & Partners Law Firm, Oleksandr Vygovskyy, provided his comments and stated as follows:

“As a matter of fact the mentioned moratorium introduces no significant changed into the currents situation for Ukrainian banks. Last year by its Decree No. 260 as of May 06, 2014 the National Bank of Ukraine prohibited to the Ukrainian banks to open separate branches at the territory of the Autonomous Republic of Crimea and the city of Sevastopol and establish correspondent relations with the banks which are located or carryout their activities in Crimea.

The reason for issuing such Decree was actual impossibility of the National Bank of Ukraine to exercise supervision over the institutions located in Crimea. The moratorium proposed by the Russian draft law has the same underlying grounds: all banking institutions in Crimea must be subject to banking monitoring and supervision of the National Bank of the Russian Federation.

Of much higher importance for the Ukrainian banks may be the proposed moratorium onto enforcement of the rulings of Ukrainian courts upheld for the benefit of Ukrainian banks and other financial institutions operating in Crimea prior to March 18, 2014. Should new amendments be approved and enacted the debtor indebtedness of Ukrainian banks in Crimea may be easily written-off as uncollectable”.

 
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