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Ukraine Lifts Capital and Commodity Markets Restrictions

On 8 August 2022, the Ukrainian National Securities and Stock Market Commission (NSSMC) unblocked almost all operations on the country's capital and commodity markets. These operations were temporarily suspended after the Russian invasion as an emergency measure, and the NSSMC was adjusting restrictions as required according to wartime needs and economic challenges.

Ukraine’s government sees this as a timely and balanced step that is in line with the sentiments of professional market participants who have been calling for the revival of the financial sector.

The development of capital markets and organised commodity markets, as well as integration of Ukrainian capital markets into the European financial area, are also viewed as one of the key milestones of the Ukraine Recovery Plan, which was presented at the Lugano conference at the beginning of July 2022.

As the war continues, however, the martial law regulations remain in force. As a result, the following persons are still restricted from engaging in any operations on the capital markets and organised commodity markets:

  • persons subject to anti-money laundering, anti-terrorist and other Ukrainian and international sanctions; and
  • persons related to the Russian Federation and Belarus, including citizens of the Russian Federation and Belarus, legal entities registered under the laws of the Russian Federation and Belarus, companies whose ultimate beneficial owners or shareholders (whether direct or indirect) are the Russian Federation or Belarus, Russian or Belarusian citizens or companies.

Restrictions, however, do not apply in the following cases:

  • enforcement of judgments;
  • enforcement of decisions of the National Security and Defence Council on sanctions; and
  • expropriation of property of the Russian Federation and its residents.

Legislation: Resolution of the National Securities and Stock Market Commission No. 1053 dated 4 August 2022 “On Managing Professional Activities in Capital and Commodities Markets during Martial Law”.

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