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Understanding the legal landscape of private credits
Private credit has become one of the fastest‑growing segments of modern finance, offering flexible alternatives to traditional lending. Our cross‑border overview brings together the key legal questions that arise across 12 jurisdictions, helping investors, lenders, and borrowers navigate an increasingly complex regulatory environment. This guide highlights the most important considerations—including licensing, security, financial assistance, tax aspects, and insolvency implications—to support more informed decision‑making in private credit transactions throughout Emerging Europe and Central Asia. Partner Tomáš Melišek drove the preparation of the material with the support of local teams of legal experts
Digital Product Passports: The regulatory shift fashion brands need to plan for
Fashion and luxury brands selling into the EU should prepare for a regulatory shift that will directly affect how products are documented, traced and placed on the market. Regulatory work is now intensifying on implementing measures, including the rollout of Digital Product Passports (DPPs). DPPs are becoming a central instrument in the EU’s strategy to advance circularity, transparency and sustainability. For the fashion industry, DPPs represent not only a compliance obligation, but a shift in how product data and supply chains are managed. DPPs as a new regulatory standard A Digital Product Passport will function as a product’s digital identity, containing information on origin, material composition
Ukraine takes fresh step toward FDI screening with launch of Interagency FDI Commission
Ukraine’s government has adopted a key resolution to establish an Interagency Commission for screening foreign investments (the "FDI Commission"). At the same time, the country’s parliament (Verkhovna Rada) is presently assessing competing draft laws on foreign direct investment ("FDI") screening. The FDI Commission is set to serve as an interim coordination mechanism to assess national security risks related to foreign investments. The body will act as an umbrella for the relevant authorities to streamline reviews and reduce frag mented decision-making in sensitive cases. The FDI Commission will reportedly be co-chaired by the Minister of the Economy and the First Deputy Secretary of the National Security and Defense
Ukraine simplifies import/export of military and dual-use goods
The Ukrainian government has simplified the procedure for obtaining permits and conclusions for international transfers of military and dual-use goods under international treaties with Ukraine. The relevant changes were introduced by Resolution of the Cabinet of Ministers of Ukraine No. 6, dated 07 January 2026, and come into effect immediately from 8 January 2026. When does the simplified procedure apply? The simplified procedure applies where an international transfer of goods is carried out on the basis of an international treaty with Ukraine that expressly provides for such a transfer, and specifies: the goods to be transferred; the exporters, importers, intermediaries and end
Navigating the MiCA landscape: Considerations for forum shopping in CEE and beyond
As the European financial market undergoes a major digital transformation, the implementation of the Markets in Crypto-Assets Regulation (MiCA) stands out as a defining milestone. By introducing a harmonised legal framework, the EU is transforming from a frag mented regulatory landscape into the world’s largest single market for regulated digital assets. For crypto-asset service providers (CASPs) and institutional investors, this shift offers a “single passport”, legitimising the industry and enabling growth. Yet the practical application of these rules varies across Member States, influenced by differences in administrative capacity, supervisory culture, and national legal traditions. Choosing a “home” jurisdiction
Kinstellar welcomes leading Dispute Resolution lawyer Oleksandr Frolov as a Partner in Ukraine
Kinstellar is delighted to announce that Oleksandr Frolov, a highly regarded Dispute Resolution lawyer, has joined our Kyiv office as a Partner. His addition strengthens our growing capabilities in Ukraine and reflects our long-term commitment to supporting clients on their most complex matters in the country. Oleksandr brings over 15 years of experience advising multinational companies, governments, state-owned enterprises, management and supervisory boards, and various public institutions. He has acted in high-value international arbitrations, as well as cross-border and domestic litigations before forums across Europe, the Middle East, and the United States. His work spans a broad range of sectors, including
Defence City legal regime: full implementation phase begins
The Defence City regime entered its full implementation phase, following the adoption of the relevant regulations by the Cabinet of Ministers of Ukraine. This alert provides an overview of the adopted regulations, with a focus on the key procedures and implications for defence industry companies. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Further easing of currency restrictions in Ukraine: Focus on new currency liberalisation instruments
On 13 January 2026, the National Bank of Ukraine (NBU) announced a new package of updates to the existing currency (FX) restrictions that were introduced in February 2022 in response to Russia’s full-scale invasion. The regulatory changes are aimed at further developing the incentive-based FX liberalisation framework gradually implemented by the NBU since 2025, as well as better supporting Ukrainian businesses operating under martial law. The key amendments entered into force on 14 January 2026 and include: 1. Dividend payments, repayment of "old" loans and other transactions within the "loan limit" The cornerstone of the new package is the introduction of a so-called “loan limit”, a special
Land ownership and leasing rights for foreign investors in Ukraine
Investing in Ukraine’s real estate and land assets requires an understanding of the legal framework governing land ownership and leasing. Land ownership titles Ukrainian citizens and companies: (companies registered in Ukraine) can acquire most types of land, including agricultural, residential, commercial, and industrial land. Foreign individuals and companies: » Cannot own agricultural land. The Ukrainian Parliament is considering laws to potentially enable controlled access to agricultural land for foreign investors under specific conditions. But presently ownership of agricultural land by foreigners remains prohibited. » Can own non-agricultural land (commercial, residential
War risk insurance in Ukraine: New government mechanisms and market outlook
As a result of Russia’s ongoing aggression, businesses across virtually all sectors of the Ukrainian economy have suffered severe damage and financial losses. Missile strikes, drone attacks, and other forms of hostilities affect both frontline and rear regions – and the number of impacted enterprises continues to grow on a daily basis. According to expert assessments, by mid-2025 Ukraine’s direct, documented losses incurred from the war had reached approximately USD 176 billion[1]. In such an environment, investors, both domestic and international, naturally seek mechanisms to protect their assets and capital exposure. Insurance is one of the few tools capable of providing such risk mitigation at scale. Why
AI automation: The buzzword behind the layoff waive?
Layoffs have reached historic highs this year, and the AI arms race could be partly to blame. In the United States, over one million jobs were cut between January and October, up 65% from the same period in 2024, according to a report by outplacement specialists Challenger, Gray & Christmas. From Amazon and UPS to Microsoft and Meta, a growing number of companies are restructuring their workforce as they adopt AI at scale. These decisions raise a broader question: how far and how fast can companies go when replacing human work with artificial intelligence? While automation at scale is not a one-size-fits-all solution, the hard truth is that the skills and jobs needed in the future of work are still largely unknown. As
Kinstellar and Strategy Council deliver the 4th Defence Tech Forum in London
In a recent event held at the Royal United Services Institute, Kinstellar and the Strategy Council, working in partnership with the Embassy of Ukraine in the United Kingdom, co-organised the 4th Defence Tech Forum in London, Financing Joint UK-Ukraine DefenceTech Development and Co-production. Following opening remarks by Stephen Butler, Managing Director of Strategy Council, Daniel Bilak, Partner at Kinstellar Ukraine, framed the event’s two-fold purpose: first, to highlight the significant step-change in UK-Ukraine private sector defence cooperation over the past year under the UK-Ukraine 100-year partnership; second and equally important, to present the investment potential of Ukraine’s defence-tech sector to