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COLLABORATION CRIMES: BUSINESS RISKS

On May 12, 2022 the Verkhovna Rada of Ukraine adopted the Law of Ukraine On Amendments to Certain Laws of Ukraine on Improving the Effectiveness of Sanctions Related to the Assets of Certain Individuals (hereinafter - the “Law”).

Among other things, the Law defines the jurisdiction and procedure for the Supreme Anti-Corruption Court to conduct proceedings in cases on the application of sanctions in the form of recovery to the state budget of property owned by an individual or legal entity whose actions have posed a significant threat to national security, sovereignty or territorial integrity of Ukraine.

In particular, the following are specified:

- criteria according to which individuals and legal entities may be classified as persons subject to sanctions. These are the persons whose actions have posed a threat to national security, sovereignty or territorial integrity of Ukraine, in particular, by armed aggression or terrorist activity or have helped greatly in performing such actions by other entities, namely, by their financing.

- entities involved in the confiscation procedure (National Security and Defense Council, Authorized Body, Supreme Anti-Corruption Court of Ukraine);

- jurisdiction (administrative proceedings) and competence (Supreme Anti-Corruption Court of Ukraine) in cases on the application of sanctions in the form of recovery to the state budget of property owned by an individual or legal entity whose actions have posed a significant threat to national security, sovereignty or territorial integrity of Ukraine was defined.

In fact, these changes determined the recovery procedure in favor of the state of the property of persons who supported or support armed aggression against Ukraine.

The Law entered into force on May 24, 2022.

Should you have any questions with respect to above or require any additional information, please do not hesitate to contact Mr. Kyrylo Kazak (k.kazak@kpdconsulting.com.ua). We will be pleased to assist You. The information contained in this overview is not intended to provide legal advice and should not be relied on or treated as a substitute for specific advice concerning individual situations.

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