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The current situation with Registries in Ukraine:

- EDRPOU Registry (Unified State Register of Enterprises and Organizations of Ukraine) temporarily is not directly available. Registration information is available via third parties, but last update as of 23.02.2022.

- Register of taxpayers is available, information is updated.

- Register of court decisions now is temporarily closed for public viewing because of martial law.

- Regarding bankruptcy initiation, officially about 25% of court offices in Ukraine currently do not work. There is no official moratorium on bankruptcy initiation in Ukraine now, but the moratorium is imposed only on the deadlines and periods of filing / expiration of existing cases.

- Land Register data base of the Land Registry is currently not available.


General difficulties for business all over Ukraine (except military actions):

- disrupted clients structure;
- disrupted and difficult logistics of goods;
- restriction on transactions in foreign currencies from the government.

To pay in foreign currency for transactions, the company should apply with the contract to its servicing bank which will require permission from NBU (National Bank of Ukraine). If the permission is obtained and the transaction is allowed, the servicing bank may convert the sum from UAH into the foreign currency and effect payment transaction. However, there are restrictions from NBU and the permission can be issued only in case if goods stated in the contract are mentioned in the list of critical import. If goods do not correspond the list above, conversion into foreign currency and payments will be not allowed.
For major taxpayers the process is much easier (major taxpayers are the companies whose tax payments for 4 reporting periods are more than 1,5 mio EUR or the income for last 4 quarters was more than 1,5 mio EUR. In 2021 there were 1380 major taxpayers).

Bank operations:
All major banks do work in all territories which are under control of Ukrainian government, there are 13 operating banks, such as:
- A-Bank;
- Alpha-bank;
- OTP bank;
- Oschadbank (Saving bank);
- Bank Pivdenniy;
- Privatbank;
- PUMB;
- Raiffeisen bank Aval;
- Tascombank;
- Ukrgazbank;
- Ukreximbank;
- AT "UKRSIBBANK";
- Універсал банк.

From a business point of view, there are several parts in Ukraine with different conditions for doing business now.

1. Regions where there are still no active military actions but being under remote missiles fire of RF army (most part of major Ukrainian cities). In these cities/regions military infrastructure facilities as well as strategic objects such as fuel depots and transport hubs are under remote fire, but there are no troops and direct battles there. Companies can generally continue their operations, but taking into account restriction from Ukrainian government on transaction in foreign currencies as well as restrictions caused by both fire and hampered logistics; stuff can be partially evacuated and working remotely.

2. Regions located closely to the territory of current active military actions or recent active military actions (Kiev, Kiev region etc.). Companies can partially continue their operations, but taking into account additional difficulties caused by both destructions caused by war and hampered logistics besides above mentioned restrictions; stuff is mostly evacuated and working remotely, offices are mostly closed.

3. Regions located directly on the territory of current active military operations (Kharkiv suburbs, frontiers of Donetsk and Lugansk regions). Doing business is mostly impossible.

4. Donetsk and Lugansk regions. The territory is under remote fire of Ukrainian army. Doing business is possible but taking into account specific local conditions. At the moment both currencies: Russian ruble (RUB) and temporarily Ukrainian hryvna (UAH) are allowed to circulate in these territories. There is only 1 bank in each of these regions: the Central Bank of the Republic in Donetsk and the State Bank of Lugansk People Republic. International transactions are possible via Международный расчетный банк Республики Южная Осетия (International Settlement Bank of the Republic of South Ossetia). Situation for each single contract is considered separately. Both banks in Donetsk and Lugansk can work with banks in RF by settlements in RUB directly.

5. Regions located on the territories under control of RF armed forces (Kherson region, cities Melitopol, Berdyansk and other localities of the region). Doing business is partially possible but taking into account specific local conditions and restrictions. At the moment both currencies: Russian ruble (RUR) and temporarily Ukrainian hryvna (UAH) are allowed to circulate in these territories. International transactions also may be effected via International Settlement Bank in South Ossetia mentioned above.

Situation is also considered separately for each single contract. Movement of goods from/to these regions across the border with Crimea is possible if all required documents are in order. Movement of goods from/to these regions across the other sections of the border is seriously impeded or even impossible.

EVENTS & FACTS RECORDED EARLIER THAN 2017
IGK Group – Credit risk management. IGK AG subsidiaries operate in Latvia, Lithuania, Estonia, Kazakhstan, Ukraine
and Russia: in Moscow, St-Petersburg, Samara, Tambov, Nizhny Novgorod, Chelyabinsk, Perm.


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