Digest of Ukrainian Legislation
On Accounting Prices for Bank Metals
The National Bank of Ukraine sets accounting prices for bank metals, such as gold, silver, platinum, and palladium, for use in internal calculations and reporting. These prices are indicative and not binding for purchase and sale transactions with the NBU.
On the Official Exchange Rate of the Hryvnia Against Foreign Currencies
The National Bank of Ukraine establishes the official exchange rate of the hryvnia against foreign currencies, which are used for certain financial transactions and accounting in Ukraine. The NBU does not undertake any obligation to buy or sell these currencies at the specified rates.
On Licensing of Activities in the Field of Production, Repair, Trade of Weapons
Amendments have been made to the Resolution of the Cabinet of Ministers of Ukraine regarding the licensing of activities in the field of production, repair, trade of weapons and special devices, namely, the terms of entry into force of certain provisions of the licensing conditions have been clarified, some provisions will enter into force after the termination or cancellation of martial law, but no earlier than three months after such termination or cancellation.
On Imposing Special Obligations (PSO) on the Natural Gas Market
Amendments have been made to the Regulation on PSO in the natural gas market. LLC “Gas Supply Company “Naftogaz Trading” is obliged to conclude contracts with new electricity producers at CHPPs, TPPs and other installations in certain regions of Ukraine at a fixed price of UAH 19,000 per 1,000 cubic meters (including VAT) until December 1, 2026, gas is supplied only to those electricity producers who are entering into a contract with “Naftogaz Trading” for the first time on PSO terms and are a participant in the electricity market.
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Regarding the Implementation of a Transaction with State Derivatives
The Cabinet of Ministers of Ukraine has regulated the process of implementing a transaction with state derivatives in 2025. This transaction involves the exchange of state derivatives for new Ukrainian external government loan bonds of 2025 and additional bonds of 2024, with the aim of restructuring the public debt and improving its servicing conditions; adjustments have been made to the interest rates on the new government bonds.
On Sanctions against Legal Entities
The National Security and Defense Council of Ukraine (NSDC) has decided to enact personal special economic and other restrictive measures (sanctions) against legal entities. The list of legal entities is specified in the appendix, which defines to whom specifically the restrictive measures apply, and the implementation and monitoring of the effectiveness of the sanctions are entrusted to the Cabinet of Ministers of Ukraine, the Security Service of Ukraine (SBU), and the National Bank of Ukraine (NBU).
On the Grant from the Japan International Cooperation Agency
The Cabinet of Ministers of Ukraine has determined the mechanism for using the grant funds provided by the Japan International Cooperation Agency for the Emergency Recovery Program (Phase 4) in the amount of UAH 2,452,120 thousand, which will be directed to the purchase of equipment and the implementation of construction works for various ministries and departments, with the involvement of procurement organizations designated by the grant provider.
On the Experimental Project for Preventing Deforestation
The Cabinet of Ministers of Ukraine has introduced an experimental project for the implementation of European legislation on preventing deforestation and forest degradation, which concerns information on goods made from wood that are exported from Ukraine. Forest users are obliged to enter geographical
Review of each of legal acts published today:
### **On the accounting price of banking metals**
This announcement of the National Bank of Ukraine (NBU) establishes the accounting prices for banking metals such as gold, silver, platinum, and palladium as of December 4, 2025. These prices are used for accounting purposes and do not obligate the NBU to buy or sell these metals at the stated prices. The document provides the digital and literal codes for each metal, the number of troy ounces (1), and the corresponding accounting price in hryvnias.
The structure of the announcement is simple: a table with information about each banking metal. The main provisions include fixing accounting prices for a specific date. It is important to understand that these prices are indicative and not binding for purchase and sale transactions with the NBU.
The most important thing to use is understanding that accounting prices are used for internal calculations and reporting, not for determining the market value of metals.
### **On the official exchange rate of the hryvnia against foreign currencies**
This document is an official announcement of the National Bank of Ukraine (NBU) on the establishment of the official exchange rate of the hryvnia against foreign currencies and SDRs (special drawing rights) for a specific date – December 4, 2025.
The structure of the document is simple: it is a table that contains the digital and literal codes of currencies, the number of units of currency/SDR, the name of the currency/SDR, and the official exchange rate of the hryvnia to each of them. The table lists more than 30 currencies, including the US dollar, euro, British pound, Japanese yen, and others. It is important to note that these rates are used for reflection in accounting, for NBU transactions with the State Treasury Service of Ukraine (DKSU), and in other cases defined by the legislation of Ukraine.
The most important provision of this announcement is the established official exchange rates of the hryvnia against foreign currencies, as they are used for certain financial transactions and accounting in Ukraine. Also, the document states that the NBU does not assume any obligation to buy or sell these currencies at the specified rates.
### **On Amendments to paragraph 3 of the Resolution of the Cabinet of Ministers of Ukraine No. 1200 of September 25, 2025**
This resolution amends a previous resolution of the Cabinet of Ministers of Ukraine regarding the licensing of activities in the field of production, repair, trade in weapons and special equipment. The changes concern the effective dates of certain provisions of Resolution No. 1200 of September 25, 2025.
The structure of the resolution consists of one paragraph, which amends paragraph 3 of the CMU Resolution No. 1200. The main change is the reformulation of the paragraph on the effective dates of certain provisions of the license conditions.
The most important provision
there is a clarification that most of the changes come into effect two months after the publication of this resolution, while some specific paragraphs and clauses will come into effect later, namely on the last day of the calendar year in which martial law is terminated or canceled, but not earlier than three months after such termination or cancellation.
On Amendments to the Regulation on Imposing Special Obligations on Natural Gas Market Participants to Ensure Public Interests in the Functioning of the Natural Gas Market
Good day! Here is a brief overview of the changes to the Regulation on PSO in the natural gas market.
1. **Essence of changes:** The resolution amends the Regulation on Imposing Special Obligations (PSO) on natural gas market participants, expanding the list of entities with which LLC “Gas Supply Company “Naftogaz Trading” must conclude gas supply agreements. This applies to new electricity producers at thermal power plants (CHP, TPP) and other installations in certain regions of Ukraine.
2. **Structure and main provisions:**
* Amendments are made to paragraphs 4 and 8 of the Regulation, and a new paragraph 8-3 is added.
* The new paragraph 8-3 obliges “Naftogaz Trading” to conclude agreements with new electricity producers at CHP, TPP, and other installations in Chernihiv, Sumy, Kharkiv, Dnipropetrovsk, Donetsk, Zaporizhzhia, Kherson, Mykolaiv, and Odesa regions. The list of these entities is approved by the Ministry of Energy upon submission by “Ukrenergo.”
* Gas is supplied at a fixed price of UAH 19,000 per 1,000 cubic meters (including VAT) until December 1, 2026, inclusive, provided that the producer is a participant in the electricity market and concludes an agreement with “Naftogaz Trading” for the first time under the terms of this Regulation.
3. **Most important provisions for use:**
* The key is that the provisions apply only to those electricity producers who are concluding an agreement with “Naftogaz Trading” under the terms of PSO for the first time.
* It is important to pay attention to the list of regions to which paragraph 8-3 applies, as well as the need to be a participant in the electricity market.
* The fixed gas price is valid until December 1, 2026, or until the end of martial law.
* **** The act concerns the gas market, which is important for the economy and energy security of Ukraine.
On the Implementation of a Transaction with Government Derivatives in 2025
Good day! I am happy to help you understand this document.
1. **Essence of the law:**
Resolution of the Cabinet of Ministers of Ukraine No. 1554 of December 1, 2025, regulates the process of implementing a transaction with government derivatives in 2025. This transaction involves the exchange of government derivatives for new external government bonds.
of Ukraine’s 2025 sovereign loan and additional 2024 bonds. The purpose is to restructure public debt and improve its servicing conditions. Amendments are also made to the previous CMU Resolution No. 865 of July 31, 2024, regarding the terms of transactions with public debt.
2. **Structure and Main Provisions:**
* The Law consists of five clauses and two appendices: “Terms of Transaction with Government Derivatives to Be Executed in 2025” and “Amendments to the Resolution of the Cabinet of Ministers of Ukraine No. 865 of July 31, 2024.”
* **Terms of Transaction** define the mechanism for exchanging government derivatives for new bonds, the terms of their placement, maturity dates, and interest rates. It also provides for amendments to the terms of issue of government derivatives.
* **Amendments to Resolution No. 865** concern the adjustment of interest rates on new government bonds of parts A and B, as well as the possibility of additional placement of bonds for transactions with government derivatives.
* The Ministry of Finance is instructed to place bonds, provide funds in the budget for their servicing, and ensure the implementation of necessary payments.
3. **Key Provisions for Use:**
* **Exchange of Derivatives for Bonds:** It is important to understand the terms of exchange of government derivatives for new bonds, including amounts, terms, and interest rates.
* **Terms of Bond Placement:** Attention should be paid to the terms of placement of new bonds, including maturity dates, interest rates, and the procedure for paying interest income.
* **Provisions Regarding Obligation Reinstatement:** An important provision is the reinstatement of obligations on external debt, which provides for the protection of creditors’ interests in the event of certain events.
* **Amendments to Previous Conditions:** It is necessary to take into account the amendments made to Resolution No. 865, in particular regarding interest rates on bonds.
I hope this helps you better understand this regulation!
**On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions)**
Good day! Here is a brief analysis of the provided document:
1. **Essence of the Decision:** This decision of the National Security and Defense Council of Ukraine (NSDC) concerns the implementation of personal special economic and other restrictive measures (sanctions) against legal entities, the list of which is provided in the appendix to the decision. The decision supports the proposals of the Cabinet of Ministers of Ukraine regarding the application of these sanctions.
2. **Structure and Main Provisions:**
* The decision consists of four clauses and an appendix.
* It supports the proposals of the Cabinet of Ministers of Ukraine regarding the application of sanctions.
* It is put into effect by a Decree of the President of Ukraine.
* The Cabinet of Ministers of Ukraine, the SBU, and the NBU are instructed to ensure the implementation and monitoring of effecti
activity of sanctions.
* The Ministry of Foreign Affairs of Ukraine must inform international bodies about the application of sanctions.
* The annex contains a list of legal entities to which sanctions are applied.
3. **Most important provisions:**
* The presence of an annex with a list of legal entities to which sanctions are applied is key. This list specifically determines who the restrictive measures apply to.
* The provision on ensuring the implementation and monitoring the effectiveness of sanctions by the Cabinet of Ministers of Ukraine, the Security Service of Ukraine, and the National Bank of Ukraine is important for the practical application of the decision.
* The obligation of the Ministry of Foreign Affairs of Ukraine to inform international bodies underscores the international aspect of the application of sanctions.
On the Decision of the National Security and Defense Council of Ukraine of November 29, 2025 “On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions)”
This Decree of the President of Ukraine puts into effect the decision of the National Security and Defense Council of Ukraine (NSDC) of November 29, 2025, regarding the application of personal special economic and other restrictive measures (sanctions). The Decree provides for the enactment of the NSDC decision, assigns control over the implementation of this decision to the Secretary of the NSDC, and determines the date of entry into force of the Decree – from the date of its publication.
The structure of the Decree consists of three points: enacting the NSDC decision, assigning control over the implementation of the decision, and determining the date of entry into force of the Decree. The NSDC decision, which is put into effect by this Decree, contains a list of persons to whom sanctions are applied, as well as specific restrictive measures that apply to them.
The most important provision of this Decree is the enactment of the NSDC decision on the application of sanctions, as this determines the list of persons to whom restrictions apply, and the types of these restrictions. Also important is the point on control over the implementation of the decision, as this ensures monitoring and effectiveness of the application of sanctions.
Some Issues of Allocating Funds from the Special Fund of the State Budget, Which are Received in Accordance with the Grant Agreement for the Emergency Recovery Program (Phase 4) between the Japan International Cooperation Agency and the Government of Ukraine of April 7, 2025
Good day! I will gladly analyze this act of the Cabinet of Ministers of Ukraine for you.
1. **Essence of the Law:** This resolution defines the mechanism for using grant funds provided by the Japan International Cooperation Agency for the Emergency Recovery Program (Phase 4). The grant in the amount of UAH 2,452,120 thousand will be used to purchase equipment and carry out construction works for various ministries and departments, in particular for the SES, the Ministry of Energy,
Administration of the State Border Guard Service, the Ministry of Education and Science, and the State Agency for Reconstruction and Infrastructure Development. The resolution also approves the procedure for using these funds and amends the procedure for using funds under the budget program “Servicing of accounts opened in banking institutions.”
2. **Structure of the law:** The resolution consists of 5 points and appendices.
* Point 1 defines the distribution of grant funds among various ministries and departments under specific budget programs.
* Point 2 establishes an exception regarding the criteria for determining the recipient of budget funds for the Ministry of Energy.
* Point 3 approves the Procedure for using grant funds, which details the mechanism for using these funds.
* Point 4 amends the Procedure for using funds provided under the budget program “Servicing of accounts opened in banking institutions.”
* Point 5 assigns the Ministry of Finance the responsibility of determining the codes and names of new budget programs, amending the schedule of the special fund of the state budget, and adjusting the indicators of revenues and expenditures of the state budget.
Appendices contain reporting forms and orders necessary for accounting and control over the use of grant funds.
3. **Main provisions:** The most important provisions of this act are:
* Clear distribution of grant funds among various ministries and departments for specific areas of use.
* Detailed mechanism for using grant funds, including requirements for recipients of funds, procedures for submitting payment applications, and the procedure for reflecting the use of funds in accounting and reporting.
* Involvement of procurement organizations identified by the grant provider to ensure transparency and efficiency in the procurement of goods, works, and services.
* Requirements for reporting and control over the targeted and effective use of grant funds.
I hope this explanation was helpful!
[Link to the Resolution](https://zakon.rada.gov.ua/go/1552-2025-%D0%BF)
### **On the Implementation of an Experimental Project Regarding the Implementation of European Union Law (acquis EU) on the Prevention of Deforestation and Forest Degradation Concerning Information on Goods Made of Timber and Sold Under the Customs Regime of Export**
Certainly, here is a brief overview of this act:
1. **Essence of the law:** This resolution of the Cabinet of Ministers of Ukraine introduces an experimental project aimed at implementing European legislation on the prevention of deforestation and forest degradation. The project concerns information on goods made of timber that are exported from Ukraine. The goal is to ensure that Ukrainian exports comply with EU requirements in this area.
2. **Structure and main provisions:**
* The resolution approves the Procedure for implementing the experimental project.
* …
Defines a list of goods subject to verification for compliance with deforestation prevention requirements.
* The State Forest Resources Agency (State Forest Agency) is designated as the authorized body for information exchange with EU countries.
* An obligation is established for forest users to enter the geographical coordinates of logging areas into the electronic system.
* An electronic exporter’s account is being created as part of a unified state electronic timber accounting system.
* Interaction between electronic timber accounting systems and other state registers is foreseen.
3. **Key provisions for use:**
* **List of goods:** Exporters must take into account the list of goods covered by the experimental project (appendix to the Procedure).
* **Electronic exporter’s account:** Exporters will be able to use the electronic account to obtain information on the origin of timber and verify its compliance with the requirements.
* **Interaction with the State Forest Agency:** If necessary, exporters must be prepared to cooperate with the State Forest Agency to verify the compliance of goods with deforestation prevention requirements.
* **Geographical coordinates:** It is important to ensure that information on the geographical coordinates of logging areas is entered into the system.
* **Compliance and due diligence verification:** Exporters must take steps to verify compliance and due diligence to confirm that their goods do not contribute to deforestation and forest degradation.
Some issues of forest management
Good day! Here is a brief analysis of the provided act:
1. **Essence of the law:** This resolution amends the Procedure for Forest Management, in particular, regarding the validity period of forest management materials, especially in areas where hostilities were or are being conducted. The requirement to publish materials on the web portal of open data has also been removed.
2. **Structure and main provisions:**
* The resolution amends the Procedure for Forest Management, approved by the Resolution of the Cabinet of Ministers of Ukraine No. 112 of February 7, 2023.
* Special conditions are established regarding the validity of forest management materials for forests located in areas that were included in the list of territories where hostilities were conducted or temporarily occupied by the Russian Federation.
* Paragraph 137 of the Procedure, which determines the validity period of forest management materials, has been amended.
* The requirement to post forest management materials on the Unified State Web Portal of Open Data has been removed.
* The appendix to the Procedure, which concerns the estimated cut, has been updated.
3. **Most important provisions:**
* Extension of the validity of forest management materials for forests in areas where hostilities were conducted, until January 1,
