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Ukraine’s sanctions maze: Why challenging sanctions rarely succeeds
Ukraine currently maintains one of the largest sanctions lists in Europe, comprising roughly 21,000 entries but with only 114 removals over the past decade. Sanctions have become a central instrument of national security policy in response to persistent external threats. At the same time, the likelihood of successfully overturning a designation remains extremely limited. How sanctions are imposed Under current law, the National Security and Defense Council of Ukraine (the “NSDC”) is the primary body responsible for initiating and approving sanctions proposals. These proposals may originate from the President, the Verkhovna Rada of Ukraine (Ukraine’s parliament), or other state authorities such as the Cabinet
Ukraine takes steps towards FDI screening law
Ukraine's parliament has registered a draft law “On the Screening of Foreign Direct Investments” (the “FDI Draft”), which, in line with EU standards, seeks to establish mandatory screening mechanisms for foreign investments into sensitive sectors. At this stage, the FDI Draft has only been registered as draft legislation, and thus its prospects for adoption remain unclear. Its alignment with EU standards enhances the likelihood of eventual adoption; however, the wartime context may affect both the timing of the legislative process and the substance of the final law. The draft law provides for the following framework: Sectors Foreign investments will require screening if directed toward companies
Ukraine competition law update: Key developments Q2 2025
In a key ruling, Ukraine’s Supreme Court has upheld a previously overturned conditional merger clearance by the Antimonopoly Committee of Ukraine (AMC) concerning two major Ukraine-based cement producers, namely CRH Ukraine and Dyckerhoff Cement Ukraine. Back in September 2024, the Commercial Court of Kyiv annulled a conditional merger clearance issued by the AMC for the CRH-Dyckerhoff transaction. Approved earlier that same month[1], with stipulated obligations related to production levels and fair market access, the merger clearance soon faced a legal challenge from competitor Kovalska, leading to months of litigation. Kovalska alleged that the AMC’s Phase II investigation lacked an adequate competitive analysis, particularly
Overview of "gun-jumping" cases in Ukraine
The Antimonopoly Committee of Ukraine (AMC) is increasing enforcement efforts against so-called “gun-jumping” violations (i.e. a merger or acquisition executed without the prior approval of the AMC), demanding stricter scrutiny even for transactions with a perceived limited impact on the Ukrainian market. Between January 2022 and October 2024, the AMC imposed not only fines on companies that failed to obtain a prior clearance, but also on those that sought approvals after already closing their deals. To avoid penalties, companies must ensure they have secured AMC clearance before closing transactions, as even war-related challenges do not exempt firms from compliance requirements. Our Ukraine Competition &
Kinstellar advises Orbico on strategic acquisition in Ukraine
Kinstellar has acted as Ukrainian legal counsel to Orbico Group on the acquisition of a controlling stake in SAV 92, a leading Ukrainian distributor of branded international and Ukrainian food and non-food products. This multi-stage transaction marks a significant step in Orbico's strategic expansion into the Ukrainian market. Orbico Group is a leading distributor of a large number of globally known brands ranging from beauty care to motor oil products. Orbico cooperates with more than 180 suppliers, manages more than 500 global and local brands, and supplies to more than 59,000 customers. Kinstellar’s advice included due diligence, securing unconditional merger control clearances for a gradual transfer of control
Kinstellar advises France’s NJJ Capital on the landmark roll-up of businesses in the telecommunications sector in Ukraine
Kinstellar is proud to have acted as Ukrainian legal counsel to French tech entrepreneur Xavier Niel’s investment company, NJJ Capital, in the acquisition and merger of Datagroup-Volia, one of Ukraine’s largest fixed telecom and pay-TV providers, and Lifecell, Ukraine’s third-largest mobile operator. This landmark transaction is a significant consolidation of and investment in the Ukrainian telecoms market, that will bring many benefits to telecoms consumers, especially during wartime circumstances. Kinstellar’s legal team provided comprehensive Ukrainian law advice to NJJ Capital throughout the transaction. We hope that this investment serves as a signal to other foreign investors to not wait to the
Ukraine temporarily exempts certain foreign-to-foreign concentrations from merger control requirements
The Ukrainian Competition Law was amended to exempt certain transactions in the military and defence sector from merger control requirements. As a result of these amendments, merger control requirements in Ukraine will not apply to foreign-to-foreign concentrations so long as the certain criteria are satisfied. Click on one of the images below or click on the following links to read the alert in English or in Ukrainian. Download in English: Download in Ukrainian:
AMC increases fines for competition law violations in Ukraine
A so-called Procedure for Determining the Amount of Fines Imposed for the Violation of Laws on the Protection of Economic Competition (the “Procedure”) issued by the Antimonopoly Committee of Ukraine (“AMC”) in 2023, and binding since 21 February 2024, has come into force in Ukraine. The Procedure replaces the earlier AMC Recommendations on the Calculation of Fines for the Violation of Ukrainian Competition Laws. The Procedure allows the AMC to impose significantly higher fines for competition law violations in Ukraine (the percentage imposed may range from 15% to 30% of the revenue on the relevant market depending on the given violation and circumstances). Indeed, we anticipate that the Ukrainian authority will
Settlement procedure: Overview for businesses in light of Ukraine's new competition law
Building on established practices, and taking inspiration from the successful experiences of international partners, the Ukrainian competition authority (the Antimonopoly Committee of Ukraine) has introduced a settlement procedure for cartels and abuse of dominance cases. The procedure became effective on 30 January 2024 within the framework of recent competition law reforms. The procedure is designed as a "win-win" enforcement tool that can both simplify and expedite the adoption of cartel or abuse of dominance decisions, and reduce fines by 15%, provided that defendants meet the respective competition authority eligibility requirements. For more details, please see our leaflet covering this topic in English and
Improved leniency policy: Overview for businesses in light of Ukraine's new competition law
A leniency procedure has been in place in Ukraine for many years. However, available data suggests it has been severely underutilised. A recent first stage of competition law reforms in Ukraine introduced, among other things, an improved leniency policy. The changes, implemented in February 2024, are aimed at aligning the respective local regulations more closely with EU laws. The most noteworthy changes include: in addition to full immunity for a first applicant, the programme offers a reduction in fines for other cartel participants applying for leniency; the possibility to conduct anonymous preliminary consultations with the regulator; a detailed procedure for obtaining a marker.
Dawn raids: Guidelines for businesses in light of Ukraine's new competition law
At present, even though the Antimonopoly Committee of Ukraine (AMC) does not actively conduct inspections, conducting dawn raid inspections is still permissible during martial law. On 6 February 2024, the updated Dawn Raids Procedure was implemented in Ukraine in order to make the process more transparent and lucid. The document outlines the steps that the AMC must take in order to carry out a dawn raid, as well as the step-by-step protocols for each stage of the inspection, such as taking pictures, recording audio or video, seizing or restricting evidence, checking and sealing the premises and other possessions, and copying papers and data storage devices. There are three noteworthy changes to the updated process:
Kinstellar announces new promotions to Counsel
February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic), Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role