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Businesses Wary of Impact of Ukrainian Sanctions
2 September 2014
On 14 August 2014, the Ukrainian Parliament adopted legislation creating a legal framework for the imposition of sanctions on countries, foreign individuals and foreign entities, including the authorisation of over 20 subject specific measures.
Although no sanctions have yet been passed on individual entities, we have received a number of queries from multinationals with business interests in Ukraine that could in due course be directly or indirectly affected by sanctions introduced under the legislation.
Affected entities with Ukrainian-based investments may have some recourse through a number of bilateral or multilateral investment treaties entered into between Ukraine and those investors’ home states, in particular the
Russia-Ukraine Bilateral Investment Treaty
, which permits investors to elect to arbitrate claims of undue expropriation before international tribunals. Other rights of action under international conventions are also outlined.
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