Key Changes in Legislation:
1. Two new specialized administrative courts have been created – district and appellate, which will consider cases regarding appeals against acts of central authorities, state aid, media, and political party bans. An Expert Council with international experts’ participation will be established to select judges.
2. A list of clergy members exempt from mobilization has been defined – these are heads of religious centers, administrations and their deputies, leaders of religious communities, monasteries, missions, and spiritual educational institutions, provided they are officially employed.
3. The National Bank has changed currency operation rules – daily purchase and sale of US dollars with banks for defense needs and state-owned gas sector enterprises has been introduced. The procedure for assessing bank stability during martial law has also been simplified.
4. New requirements for olive oils and their verification methods have been established – 8 oil categories, labeling and quality control requirements have been defined. Sales are permitted in packages up to 5 liters with mandatory indication of category and origin.
5. Amendments to the Tax Code regarding excise taxation of tobacco products have been made – new rates for 2025-2027 have been set, the procedure for determining minimum retail prices has been changed, and control over internet trade has been strengthened through the creation of a registry of licensee websites.
Review of each of legal acts published today:
On the Accounting Price of Banking Metals
This is a daily notification by the National Bank of Ukraine on establishing accounting prices for banking metals (gold, silver, platinum, and palladium).
The document structure is simple – a table with official accounting prices for four types of banking metals as of a specific date (24.03.2025), indicating:
– digital and literal metal codes
– prices per troy ounce in hryvnias
– reservation about the absence of NBU obligations to conduct operations at these prices
Key provisions:
1. Prices are set per troy ounce of each metal
2. Gold is valued highest – 126,034.91 UAH per ounce
3. Silver has the lowest price – 1,374.49 UAH per ounce
4. Platinum and palladium prices are close to each other – around 40,000 UAH per ounce
5. These prices are reference and do not create obligations for the NBU regarding metal buying/selling
On the Official Exchange Rate of Hryvnia to Foreign Currencies
This is an official notification by the National Bank of Ukraine establishing exchange rates of foreign currencies against the hryvnia as of 24.03.2025.
The document structure is a table with official rates for 34 foreign currencies. For each currency, its digital and literal code, number of units, full name, and rate against the hryvnia are specified.
Key provisions:
1. The base currency is the US dollar with a rate of 41.5277 UAH
2. Euro is set at 44.9807 UAH
3. The highest rate among the presented currencies is SDR (Special Drawing Rights) – 55.2212 UAH
4. The document contains a note that these rates are used for accounting, NBU operations with the State Treasury Service of Ukraine, and other legislatively defined cases, with the NBU not undertaking obligations to buy or sell currencies at these rates
On Organizing Supervision of the International Technical Assistance Project “Technology Assistance Project (TAP)” and Determining its Coordinator
The resolution’s essence is organizing supervision of the international technical assistance project (TAP) for the Central Election Commission of Ukraine. The project executor is the International Foundation for Electoral Systems, and the deputy CEC Chairman Serhii Dubovyk is appointed as the project coordinator.
The resolution structure is simple and includes 4 points:
– organizing supervision of project implementation
– appointing the project coordinator
– sending a copy of the resolution to the Cabinet of Ministers
– publishing the resolution on the CEC website
Key provisions for use:
1. Legal basis is the Procedure for Attracting International Technical Assistance (CMU Resolution No. 153 of 15.02.2002)
2. The project is implemented based on the Memorandum of Understanding between the CEC and the International Foundation for Electoral Systems dated 13.03.2025
3. Coordination is carried out by the Deputy CEC Chairman, ensuring proper control over project implementation
On Changes in the Composition of Territorial Election Commissions Preparing and Conducting Local Elections
The resolution’s essence is making changes to the composition of territorial election commissions responsible for organizingHere is the translation of the provided Ukrainian legal texts:
Regarding Changes to the Composition of Territorial Election Commissions and Conducting Local Elections. The document amends the previously adopted Central Election Commission resolution from August 10, 2020, concerning the formation of regional, district, and city territorial election commissions.
The resolution structure includes 4 points that define:
1. Making changes to the composition of territorial election commissions according to the annexes
2. The obligation of commissions to inform citizens about changes
3. The procedure for sending resolution copies to military administrations
4. The requirement to publish on the Central Election Commission’s official website
Key provisions for application:
– Changes are made based on the Election Code of Ukraine and the Law “On the Central Election Commission”
– Specific changes to the commissions’ personal composition are contained in Annexes 1 and 2 to the resolution
– Citizens must be informed about changes in a manner determined by the commissions themselves
– Resolution copies are sent to the Dnipropetrovsk Regional and Kyiv City Military Administrations
Regarding the Registration of People’s Deputy of Ukraine Melnyk S.V., Elected in the Extraordinary Elections of People’s Deputies of Ukraine on July 21, 2019, in the Nationwide Multi-Mandate Electoral District
This Central Election Commission resolution concerns the registration of a new People’s Deputy of Ukraine, Melnyk S.V., who was on the “Servant of the People” party list at number 149 in the 2019 extraordinary elections.
The resolution structure is simple and contains 4 points:
– Deputy registration with specification of basic data
– Issuance of a temporary certificate
– Sending a copy of the resolution to the Verkhovna Rada
– Publication on the Central Election Commission website
Key provisions for application:
1. Legal grounds: Article 78 of the Constitution, Election Code, and Law on People’s Deputy Elections
2. Deputy is registered from the party list in the nationwide multi-mandate district
3. The decision takes effect upon adoption and entails certificate issuance and informing the Verkhovna Rada
This is a typical Central Election Commission resolution on registering a people’s deputy who receives a mandate from the party list after the previous deputy’s powers have ceased.
Regarding Amendment to the Resolution of the National Bank of Ukraine Board from February 24, 2022, No. 18
Resolution Essence:
The National Bank of Ukraine changes the rules for conducting USD purchase and sale operations with banks during martial law. A new procedure is established for daily “tom” operations (settlement on the next business day) to meet defense needs and state enterprises in the natural gas sector.
Structure and Main Provisions:
1. Operations are conducted daily on working days at 15:30
2. Two cases are defined where banks can participate:
– For Ukraine’s defense needs
– For state enterprises’ needs in the natural gas sector
3. Operations are conducted at the official hryvnia to USD exchange rate
4. Minimum operation volume is 100,000 USD
Key Points for Use:
– Banks can conduct operations through Refinitive and Bloomberg systems or by telephone
– Operation rate is fixed at the NBU’s official rate established on the operation day
– Operations are available only for specifically defined purposes – defense and gas sector
– This is a special currency operation mechanismResolution on Amendments to the Resolution of the National Bank of Ukraine Board Dated February 24, 2022, No. 18
The essence of the resolution is to amend the rules of the banking system’s operation under martial law. The main changes concern currency funds operations of state-owned enterprises when executing credit agreements with non-residents and expanding the list of persons entitled to certain currency transactions.
Structurally, the resolution amends two points of the previous NBU Resolution No. 18 from 24.02.2022:
1. Adds a new subsection 30 regarding the special regime of currency funds for state-owned enterprises on special accounts
2. Expands the list of persons in subsection 8 of paragraph 14, including State Special Communications Service servicemen
Key provisions for practical application:
– State-owned enterprises can keep currency funds on special accounts to fulfill credit agreement conditions with non-residents, if such agreements are restructured with the Cabinet of Ministers’ approval
– State Special Communications Service servicemen who ensure governmental communication for top state officials during foreign visits receive additional currency transaction opportunities
– Changes apply to funds deposited until March 1, 2025Report Submission Guidelines
– Establishing the final deadline for report submission – May 31, 2025
– Determining the validity period of the resolution – until December 31, 2025
Key Provisions for Practical Application:
1. The report on the results of the first stage of sustainability assessment can be submitted separately from the audit report
2. Preliminary review of the report by the bank’s general meeting is not required
3. Mandatory approval of the report by the bank’s council
4. Clear deadline for report submission – by May 31, 2025
These changes simplify the reporting procedure for banks regarding their sustainability assessment during martial law, making it more flexible and operational.
On Establishing Criteria for Identifying Enterprises, Institutions, Organizations of Significant Importance for the National Economy in the Insurance Sector
This resolution of the NBU establishes criteria for identifying insurance companies that are important for the national economy during a special period. The document defines which insurers can be considered critically important for the functioning of the economy and ensuring the population’s vital needs.
Structurally, the resolution consists of 5 points, with the first point establishing three main criteria for insurers:
1. Compliance with capital solvency requirements
2. Transparent ownership structure
3. Classified as Group 1 of social importance according to the NBU classification
Most Important Provisions for Practical Application:
– The insurance company must meet all three criteria simultaneously
– Compliance assessment is based on the latest submitted reporting
– The company must comply with capital requirements or have an NBU-approved recovery plan
– Ownership structure must be recognized as transparent by a special NBU decision
The resolution is directly related to the functioning of the economy during a special period and ensuring the needs of the Armed Forces of Ukraine.
On Approval of Amendments to Certain Regulatory Legal Acts of the National Bank of Ukraine
The essence of the resolution is to amend two NBU provisions regarding the regulation of financial and payment service providers. The main changes concern authorization, licensing, and supervision procedures for such institutions.
Structure of Changes:
1. Amendments to the Regulation on Authorization of Financial Payment Service Providers:
– Clarification of NBU committee powers
– Updated document requirements
– Changes in decision-making timelines
– Clarification of accreditation procedures
2. Amendments to the Regulation on Authorization of Financial Service Providers:
– Detailing NBU body powers
– New requirements for business reputation
– Clarification of notification procedures
– Updated document requirements
Key Provisions for Use:
1. Clearly delineated powers of NBU committees for decision-making regarding different types of financial institutions
2. New requirements for business reputation verification, particularly regarding connections with the aggressor state
3. Updated communication procedures with the NBU and document review timelines
4. Detailed requirements for reporting and notifications about changes in institutional activities
The changes are significant as they relate to the regulation of the financial sector and payment services.
