The terms related to the protection of intellectual property rights, as well as the procedures for acquiring these rights, are suspended for the duration of martial law, such a law “On the protection of interests in the field of intellectual property during martial law” (No. 7228) was adopted by the Verkhovna Rada on April 1, 321 votes with the required minimum of 226 votes.
“The opportunity has been offered for authorized persons to submit documents (applications, petitions, objections, responses, etc.), the provision of which is required by special laws in the field of intellectual property and other by-laws, within 90 days from the date of the lifting of martial law, without paying a fee for extension or renewal of the relevant deadlines,” the explanatory note to the document says.
The law itself states that proprietary intellectual property rights that expire during martial law remain in effect until the day following the day martial law is lifted.
“Stopping the flow of deadlines for taking actions related to the protection of intellectual property rights, as well as the deadlines for procedures for obtaining these rights, does not terminate the force of intellectual property rights,” the adopted document says.
The gross domestic product of Ukraine in the first quarter of 2022, due to the war started by Russia, fell by 16% compared to the same period last year, this is the estimate of the Ministry of Economy of the country.
“Russian aggression against Ukraine has radically changed our economy. Our forecast for a decline in GDP in the first quarter of 2022 is 16%, and the annual decline could reach 40%,” First Deputy Minister Denis Kudin is quoted in a press release from the department.
According to him, those industries where remote work is impossible, in particular, aviation, maritime transportation, and the service sector, where businesses work directly with consumers, have suffered the most.
At the same time, Kudin pointed out that over the past 10 days, the economy as a whole has begun to recover, business in safe regions is returning to work, and farmers have begun sowing.
The Ministry of Economy noted that in the process of restoring the Ukrainian economy, special attention will be paid to supporting industries that directly ensure the livelihoods of citizens and strengthen the state’s defense capability. “We are talking about agriculture, food production, retail trade, utilities and energy services, industries working on mobilization orders,” the ministry said.
As reported, the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva predicted on March 22 that the decline in Ukraine’s GDP due to the war started by Russia could be a third of the pre-war level.
Prime Minister Denys Shmygal at the end of March gave a forecast of a 35% decline and “slightly higher.”
According to the State Statistics Service, in 2021, Ukraine’s GDP grew by 3.4% after a decline of 3.8% in 2020, its nominal volume amounted to about $200 billion.
President of Ukraine Volodymyr Zelensky has called the visit of head of the European Parliament Roberta Metsola to Ukraine against the background of the war a manifestation of heroism.
“I would like to sincerely thank you personally, Roberta, and all your team for the fact that at such an important moment for our country, when Ukrainians believe in deeds and concrete steps, you demonstrate heroism to come to Ukraine. And today it is heroism,” Zelensky said during his meeting with Metsola in Kyiv.
He also thanked the head of the European Parliament for the joint telephone talks held several times before the start of the Russian-Ukrainian war.
“The result of these conversations was your appeal to parliamentarians, the world community and some kind of support for Ukraine at the level of the European Parliament. And we highly appreciate these steps. Today we look through the prism of ‘friends and foes’, because we do not have time and there is no gray color for us in international diplomacy. Therefore, the issue of survival is acute. We are glad that you are on the side of light and kindness towards Ukraine,” he added.
Zelensky noted that he was unable to leave Kyiv and personally address the European Parliament, but expressed confidence that “nevertheless, today the voice of Ukraine is heard.”
“And I am glad that there is no status and pathos in our relationship. You have arrived, and this is a very important sign. We will never forget this,” he concluded.
By the decree of the President of Ukraine dated March 31, Roberta Metsola was awarded the Order of Princess Olga.
Top 20 countries Ukraine has posted the highest surplus of trade in 2021 (thsd USD)
Calculated by Open4Business
The energy holding DTEK Energo asked the holders of its Eurobonds for $1.645 billion maturing in 2027 to agree to the payment of the next two coupons for the first and second quarters of this year at a rate of 3.5% per annum, with a capitalization of the remaining 4% at a rate of 8.5% per annum and paid later.
According to the company’s announcement on the London Stock Exchange, DTEK Energo expects a response from the holders by 16:00 London time on April 8.
In case of a positive answer, half of the coupon due on March 31 will be paid the next day after the approval of the Eurobond holders’ consent, and half of the coupon on June 30 – on the same day, June 30.
Earlier in March, the agricultural holding MHP, the largest producer of chicken meat in Ukraine, had already approached holders of three issues of its Eurobonds worth $1.4 billion and creditor banks worth $126 million with a proposal to defer interest payments for 270 days due to the war launched by Russia against Ukraine. MHP received a positive response from its creditors ahead of schedule.
“The revision of the conditions for making coupon payments to holders of DTEK Energy’s Eurobonds was caused by a significant deterioration in the company’s financial performance in March 2022 amid the war with the Russian Federation (…) This is an expected step during the war in Ukraine,” Interfax-Ukraine was previously explained “The company needs this step.
In the latest exchange announcement, DTEK Energy indicated that due to the war unleashed by Russia, it faced a number of serious problems and disruptions, including, among other things, a reduction in domestic demand for electricity and a decrease in its prices (up to UAH 1,800–2,000 per MWh ). In addition, exports were stopped until March 28, and after the resumption they go only to Poland and are limited to 200 MW per day, the collection of payments has significantly decreased, critical repairs and mandatory fixed costs have increased as a result of the damage incurred, and there is also a shortage of personnel and logistics. support.
The company added that on February 25, it lost control over the Luhanska TPP, and the Zaporizhzhya TPP, due to the impossibility of delivering coal reserves to it due to damage and disruptions in the operation of the railway infrastructure, operates only one unit. During March, DTEK Energy was able to operate on average only 9 to 13 units of its thermal power plants with a total capacity of only about 1,500 MW, and, accordingly, its electricity production fell by about 30% compared to March 2021, the report specifies.
As a result, the group posted negative operating cash flow for March 2022 and expects this to continue through at least the second quarter of 2022.
DTEK Energy also allows for the postponing of the publication of its audited consolidated financial statements for 2021, given the scale of disruptions in the group’s business and operating environment and the need to provide additional time for auditors to analyze conditions in Ukraine and their impact.
Earlier, when addressing creditors, the company emphasized that it had already taken a number of measures to mitigate the consequences and to rationalize operations and cash flows. Among them, in particular, the constant balancing of the necessary efficient production based on the ratio of fixed and variable costs and the collection of payments; negotiations with the regulator and other government agencies to maintain a proper business environment; minimizing capex and optimizing administrative costs.
“(…) in the current circumstances, the proposals are in the interests of the company, its creditors and all interested parties (…). DTEK Energy is confident in the understanding and support of the international investment community, which is extremely important so that it can firmly and unitedly fight for the integrity freedom and security of independent Ukraine,” the company noted on March 31, when it first announced its intention to capitalize and defer the payment of half of the next two coupons.
DTEK Energy is an operating company responsible for coal mining and electricity generation from coal within Rinat Akhmetov’s DTEK holding.
According to the Ministry of Finance, the expenses of the Ukrainian state for a month of hostilities amount to approximately $10 billion, such figures were announced at a meeting held by President of Ukraine Volodymyr Zelensky with the economic bloc of his Office and the Cabinet of Ministers.
“At the meeting, they discussed sources of financing expenses, in particular, their own tax revenues and assistance from Ukraine’s international partners. In the same context, they touched upon the prospects for switching to a simplified taxation system scheduled for April,” the press service of the head of state said.
The meeting participants also discussed the sowing campaign, including the provision of fuel to farmers. Ways were considered to diversify fuel imports and protect Ukraine’s energy infrastructure from bombing by the Russian army.
