Business news from Ukraine

Business news from Ukraine

UKRAINE MAY GET ACCELERATED ACCESS TO VACCINE AGAINST CORONAVIRUS DISEASE

The Verkhovna Rada’s National Health Committee has recommended that parliament support a bill that makes it possible to shorten the approval period for clinical trials and registration of vaccines and drugs against coronavirus disease (COVID-19).
“The profile committee recommended the Verkhovna Rada to support bill No. 4314. It makes it possible to shorten the approval period for clinical trials and registration of vaccines and drugs against COVID-19,” the Servant of the People party said on Facebook on Wednesday, December 2.
According to the head of the Verkhovna Rada of Ukraine Committee on Public Health, Medical Assistance and Medical Insurance Mykhailo Radutsky, the adoption of bill No. 4314 will reduce the burden on the healthcare system.
“Vaccination of a large number of patients will reduce the burden on the health care system of Ukraine,” Radutsky said.
“And thanks to the bill, this will become possible. After all, the involvement of Ukraine in clinical trials of vaccines would allow to vaccinate part of the population already now. Likewise, reducing the time for state registration of vaccines will speed up their full-scale use,” the Servant of the People said.

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ALFA-GARANT INSURER PLANS TO REDUCE CHARTER CAPITAL

The shareholders of Alfa-Garant Insurance Company (Kyiv) on November 20, 2020 decided to reduce the charter capital, which currently amounts to UAH 65 million, according to the insurer’s website.
As noted, the decrease will take place through a proportional reduction in the nominal value of the deposits of all members of Alfa-Garant without changing the size of the shares of each participant in percent and without refunds of money contributed to the charter capital.
The company informs that the decision to reduce the charter capital was made in accordance with the requirements of Ukrainian legislation, including the laws on limited and additional liability companies, on insurance, on financial services and state regulation of financial services markets and does not affect the company’s financial stability.
According to the reporting on the results of work of Alfa-Garant for the nine months of 2020, the excess of the actual solvency margin (UAH 79.075 million) over the standard (UAH 46.406 million) is UAH 32.669 million.
Alfa-Garant has been operating in the insurance market since 2003 in the segment of risk insurance of individuals and legal entities.

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LITHUANIAN COMPANY SNAIGE REFRIGERATOR MANUFACTURER REDUCES REVENUE IN UKRAINE BY 16.3%

The Lithuanian company Snaige, the only manufacturer of household refrigerators and freezing equipment in the Baltic States, in January-September 2020 reduced its revenue in Ukraine by 16.3% compared to the same period in 2019, to EUR 4.504 million.
According to the published unaudited annual report of the company, Snaige’s loss in Ukraine during this period decreased by one third, amounting to EUR 2,000.
In general, the consolidated unaudited turnover of Snaige for January-September 2020 decreased by 14% compared to the nine months of last year, to EUR 22.3 million.
According to Snaige AB CEO Mindaugas Sologubas, quoted in the report, the decline in sales is a consequence of the global pandemic and quarantine.
“Due to the restrictions imposed by the quarantine, the company’s plant in Alytus was forced to work at partial capacity for several months in the spring, some employees were idle. There was a shortage of supplies, as many suppliers were located in the countries affected by the pandemic,” he said.
As noted, in the third quarter of this year, the company’s sales recovered and almost reached the level of the third quarter of last year, but this was not enough to cover the losses incurred in the spring.
At the same time, the company’s unaudited consolidated EBITDA more than doubled in three quarters, to EUR 1.7 million.

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UKRAINE MAY PURCHASE BRITISH TESTS AND VACCINES TO COMBAT CORONAVIRUS

Ukraine is exploring the possibility of using financial instruments of the UK Export Finance (UKEF) to purchase British tests and vaccines to combat the coronavirus (COVID-19) pandemic, Foreign Minister Dmytro Kuleba said.
“We are currently discussing the implementation of a joint project for the development of the Ukrainian fleet and related infrastructure. We are also exploring the possibility of using UKEF financial instruments to purchase British tests and vaccines in the fight against coronavirus infection. Another area is the possibility of using these resources for the construction of Europe’s largest onshore wind farm in Zaporizhia region (Zofia project),” the minister told Interfax-Ukraine, answering a question about the interest of Ukrainian-British projects in cooperation with UKEF.
Kuleba said that within the framework of the memorandum of cooperation between UK Export Finance and the Cabinet of Ministers signed on October 8, 2020, five priority areas have been identified: security and defense, infrastructure, agriculture, energy and healthcare. However, he said, collaboration is not limited to these industries.
“On December 10, representatives of the agency will hold a presentation of the available financing instruments and opportunities for cooperation with Ukrainian partners in the framework of the Ukrainian Investment Roadshow,” Kuleba said.
As Ambassador Extraordinary and Plenipotentiary of Ukraine to the United Kingdom of Great Britain Vadym Prystaiko said during an online briefing for Ukrainian exporters “Bilateral Trade between Ukraine and Great Britain after Brexit”, the mechanism of the UK Export will allow access to concessional lending at 2.5-4%.
“This is a GBP 2.5 billion loan agreement that allows access to concessional lending at 2.5-4% depending on the terms of the contract,” Prystaiko said at an online briefing organized by the Ukrainian Embassy in the United Kingdom of Great Britain and Northern Ireland and the Council of Exporters and Investors under the Ministry of Foreign Affairs of Ukraine. At the same time, the share of the British partner in such projects should be 20%, Prystaiko said.
He also said that although we are talking about imports, Ukrainian exporters will thus be able to obtain certain services, technologies or raw materials.

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UKRAINE EXEMPTS IMPORTED VACCINES FROM CORONAVIRUS DISEASE FROM VAT

The Cabinet of Ministers of Ukraine exempted imported vaccines from coronavirus disease from VAT.
The corresponding government decree, adopted at a meeting on Wednesday, includes a number of antibiotics and vaccines for the prevention of coronavirus disease (COVID-19) in the lists of drugs that are exempt from VAT, approved by Resolutions No. 224 and No. 225.
As Prime Minister Denys Shmyhal said at a government meeting, this decision will reduce the cost of imported vaccines for the prevention of COVID-19.

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UKRAINIAN MOBILE OPERATOR LAUNCHES LEGAL ADVICE SERVICE

The mobile operator Kyivstar has launched a service for subscribers to receive legal advice by phone or on the website – Lawyer Online.
According to the press service of the company, users of the service are offered legal advice on issues in family, inheritance, tax law, not related to doing business, in matters related to the ownership and use of a car, real estate, utilities. Documents that a lawyer helps to prepare are statements, contracts, claims, letters of attorney and others.
It is noted that the service has two subscription options – Lawyer Online Classic and Lawyer Online Unlimited.
Lawyer Online Classic provides for consultation on three issues and preparation of three transactions. The subscription price is UAH 30 per month. Lawyer Online Unlimited is an unlimited number of consultations and preparation of up to ten legal documents, the cost is UAH 50 per month.
The subscription cost is debited from the subscriber’s mobile account.
“Kyivstar is the first among mobile operators in Ukraine to offer its subscribers legal services remotely in situations that each of us may face in everyday life. Today, when communication, work, study go online, it is important for Kyivstar to provide its clients with a convenient way to receive the services necessary for a comfortable life. So, we have already launched applications for medical consultations – Doctor Online – and an application with workouts for home and gym – Fitstar,” Marketing Director of Kyivstar Pavlo Daniman said.
The service partner is Legal and Tax Advisers LLC, which provides advice in the field of law, taxation, audit and others.

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