Constitutional Court
The Constitutional Court of Ukraine declared unconstitutional the provision on excise tax on retail fuel sales that was in effect from January 1, 2015. The reason was a violation of the principle of tax legislation stability, as the law was adopted on 28.12.2014, published on 31.12.2014, and entered into force on 01.01.2015. The lack of a transition period deprived taxpayers of the opportunity to adapt to the changes.
State Reserves
Two key procedures for state reserves have been approved – formation/movement of material assets and selection of custodians/reservists. Clear requirements for custodians have been established (5 years of experience, absence of tax debt, availability of security). Special conditions for fuel storage have been defined, including protection against rocket attacks.
Judicial Decisions
The National Strategy for Resolving the Issue of Non-Execution of Judicial Decisions, where state bodies are debtors, has been extended until 2027. The plan includes creating a mechanism for tracking judicial decisions, ensuring the operation of the Unified Register of Enforcement Documents, developing a Social Code, and phased lifting of moratoriums on executing decisions regarding state-owned enterprises.
Insurance Intermediaries
A new Regulation on Authorization and Activities of Insurance Intermediaries has been approved. A unified register of intermediaries is being introduced, with requirements for training and qualification, and procedures for authorization and supervision. Mandatory professional liability insurance for intermediaries and specifics of non-resident activities are provided.
Critical Enterprises
Criteria for identifying critical enterprises in the defense-industrial complex (DIC) and other sectors for the purpose of employee deferment from mobilization have been established. DIC enterprises are recognized as critical when executing a state contract in the defense sphere or producing defense products. Other enterprises must meet at least three criteria, including participation in state programs and production of products for DIC needs.
International Agreements
Ukraine will receive a grant of 1 billion dollars from the IBRD through the FORTIS FIF fund to support the “Growth Foundations” program. A credit agreement with the IBRD for 1.051 billion dollars has also been signed, consisting of two loans: 567.175 million and 483.825 million dollars, to be repaid by 2054.
Advertising in Financial Markets
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 establishing accounting prices for banking metals (gold, silver, platinum, and palladium) as of 24.01.2025. The notification structure includes a table with metal codes (numeric and literal), measurement unit (troy ounce), and accounting price for each metal in hryvnias.
Key accounting prices per troy ounce: gold – 115,214.51 UAH, silver – 1,276.25 UAH, platinum – 39,776.86 UAH, palladium – 41,575.50 UAH. It is important to note that these prices are indicative, and the NBU does not undertake obligations to conduct operations with banking metals at the specified prices.
On the Official Exchange Rate of Hryvnia to Foreign Currencies
This is a daily notification by the National Bank of Ukraine establishing the official exchange rate of hryvnia to 35 foreign currencies as of 24.01.2025. The document contains a table with currency rates, where for each currency its numeric and literal code, number of units, full name, and official rate relative to hryvnia are indicated. Among the main currencies: US dollar – 41.9751 UAH, euro – 43.6709 UAH, pound sterling – 51.6923 UAH.
It is important to note that these rates are used for accounting purposes, for NBU operations with the State Treasury Service of Ukraine, and in other cases specified by law. The NBU does not undertake obligations to buy and sell currencies at these rates.
Decision of the Second Senate of the Constitutional Court of Ukraine in the Case of the Constitutional Complaint of Limited Liability Company “Geomax-Resurs” Regarding the Conformity with the Constitution of Ukraine (Constitutionality) of a Specific Provision of the Second Paragraph of Subparagraph 14.1.212 of Paragraph 14.1 of Article 14 of the Tax Code of Ukraine
The decision concerns the constitutionality of a provision of the Tax Code of Ukraine regarding excise tax on retail sale of fuel, which was in effect from January 1, 2015. Structurally, the decision consists of an analysis of case circumstances, parties’ positions, and assessment of the challenged norm’s compliance with the principles of rule of law, legal certainty, and tax legislation stability.
Key provisions of the decision:
– The Constitutional Court recognized the provision on excise tax for retail fuel sales unconstitutional due to violation of the tax legislation stability principle
– The law was adopted on 28.12.2014, published on 31.12.2014, and entered into force on 01.01.2015, which deprived taxpayers of the opportunity to adapt to changes
– Lack of a transition period and comprehensive regulation of accounting procedures violated taxpayers’ rights and the principle of legal certainty
Some Issues of Implementing Provisions of the Law of Ukraine “On State Reserves” Regarding State Reserves Formation
The resolution defines two key procedures for state reserves – the procedure for forming and moving material values, and the procedure for selecting responsible storekeepers and reservists. Structurally, the document consists of two separate procedures.Formation of State Reserves (Material and Mobilization), Procurement Procedures, Quality Checking, Storage, and Movement of Material Values
– The second establishes criteria and procedures for selecting custodians/reservists who can store state reserves. Key provisions:
– State Agency for Reserve Management is the primary body ensuring material reserve formation
– Clear requirements for custodians/reservists established (5 years of experience, no tax debt, security presence, etc.)
– Special conditions for fuel storage defined (excise warehouses, licenses, protection from missile attacks)
– Mechanism for emergency reserve relocation in case of potential loss or damage provided
Regarding Submission for Ratification by the Verkhovna Rada of Ukraine of the Framework Agreement between the Government of Ukraine and the Government of the Republic of Finland on Projects Financed under the Finnish-Ukrainian Investment Fund (FUIF)
The order concerns submitting an international agreement between Ukraine and Finland for ratification regarding project financing through the Finnish-Ukrainian Investment Fund. The document is a technical act initiating the ratification procedure for an agreement signed on November 12, 2024, in Kyiv. This is a standard procedure for international treaties requiring parliamentary ratification. The key point is that the agreement creates a legal framework for project financing through a special bilateral investment fund (FUIF). After ratification, the agreement will enable implementation of joint Ukrainian-Finnish investment projects through this fund’s mechanism.
Regarding Extension of the National Strategy for Resolving Issues of Unexecuted Court Decisions where Debtors are State Agencies or State Enterprises, Institutions, Organizations until 2025 and the Action Plan for its Implementation
The order extends the National Strategy for resolving unexecuted court decisions involving state agencies or enterprises until 2027, also approving an updated implementation action plan. The act structurally consists of two parts: 1) main order extending strategy validity; 2) amendments to previous orders, including a new action plan until 2027.
Key action plan provisions include:
– Creating a mechanism for accounting and verifying court decisions to determine total debt amount
– Ensuring operation of the Unified State Register of Enforcement Documents by end of 2025
– Developing the Social Code of Ukraine
– Analyzing and phased cancellation of moratoriums on executing court decisions regarding state enterprises
– Amending pension legislation to allocate funds for court decision execution
Regarding Application and Cancellation of Personal Special Economic and Other Restrictive Measures (Sanctions)
This National Security and Defense Council decision concerns applying personal sanctions to specific individuals based on Security Service of Ukraine recommendations, and canceling sanctions for one person from a previous sanctions list. The document structurally comprises 5 points and an appendix containing the list.Regarding the first document:
Sanctions against individuals. The decision provides for the exclusion of item 1825 from the previous sanctions list dated October 19, 2022. Key provisions of the decision include:
– Instructions to the Cabinet of Ministers, Security Service of Ukraine, National Bank of Ukraine, and the State Awards Commission to ensure implementation and monitoring of sanctions effectiveness;
– Task for the Ministry of Foreign Affairs to inform the EU, USA, and other states about the application of sanctions and initiate the introduction of similar restrictive measures on their part.
Regarding the second document:
The decree implements the National Security and Defense Council decision of January 19, 2025, on the application and cancellation of personal sanctions against specific individuals and legal entities. Structurally, the decree consists of three points: implementation of the NSDC decision, determination of control (assigned to the NSDC Secretary), and entry into force upon publication.
The key aspect is that the decree serves as a legal basis for applying restrictive measures in accordance with the Law of Ukraine “On Sanctions”. Such sanctions may include asset blocking, trade operation restrictions, prevention of capital withdrawal from Ukraine, and other measures defined by law. The specific list of persons and sanctions applied to them is contained in an appendix to the NSDC decision.
Regarding the third document:
This order makes technical amendments to the previous order of the Ministry of Communities and Territories Development of Ukraine No. 1506 dated 31.12.2024, concerning criteria for identifying important enterprises during a special period. Structurally, the order contains editorial clarifications to the preamble and main text of the previous order, including punctuation corrections, terminology and regulatory act reference clarifications.
Specifically, it clarifies date writing, punctuation marks, adds clarifying words, and corrects technical errors. The main changes relate to clarifying references to the KVED-2010 classifier, replacing terms ‘Mininfrastructury’ and ‘Ministry’ with ‘Minrozvytku’, and correcting grammatical errors in the text. The order does not change the essence and content of the criteria for identifying important enterprises, but only improves the legal technique of the document.
Regarding the fourth document:
This Regulation establishes the procedure for authorization and conditions of activity for insurance intermediaries in Ukraine. Main provisions: 1. Defines the authorization procedure for insurance and reinsurance brokers, insurance agents, additional insurance agents, and sub-agents, as well as requirements for their activities in selling insurance and reinsurance products. 2. Establishes requirements for training and professional development of persons engaged in intermediary activities, the procedure for maintaining an insurance intermediary registry, and specifics of supervising their activities. 3. Regulates the procedure for non-resident insurance intermediaries to notify about their intention to operate in Ukraine and requirements for disclosing information about employees involved in product sales.
