Business news from Ukraine

The National Bank canceled the licenses of 4 large financial companies covering 15% of the currency exchange market

The National Bank of Ukraine (NBU) has canceled the licenses of FC Constanta M, DSD Finance, 24 Online and Financial Guarantee, which cover 15% of the currency exchange market, for violating the requirements of currency legislation, the press service of the regulator said on Friday.
According to the report, the central bank also fined Finovis and 24 Online companies UAH 151,000 each for violating money laundering laws.
It is indicated that as of August 4, the NBU conducted 40 inspections of structural units of 15 non-banking financial institutions.
These decisions were made at a meeting of the Committee on Supervision and Regulation of the Markets of Non-Banking Financial Institutions on August 5.

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Another 8 financial institutions of Ukraine have their licenses revoked

The National Bank of Ukraine withdrew from Lime Capital LLC, Enot Finance LLC, Profinance Group LLC, Globa LLC, Toccata LLC, FC FIN.COM LLC, FC LLC Financial partner” all available licenses for the provision of financial services based on their applications, according to the website of the regulator.
In addition, the license to provide guarantees to Optima Factoring LLC was revoked on the basis of the submitted application.
At the same time, information about Lime Capital LLC, Raccoon Finance LLC, Profinance Group LLC, Global Infinity Ukraine LLC, Financial Partner LLC are excluded from the State Register of Financial Institutions based on the documents submitted by them.
The Committee for Supervision and Regulation of the Activities of the Non-Banking Financial Services Markets of the NBU adopted such decisions on July 26, 2022.



The Ministry of Agrarian Policy and Food of Ukraine is working to extend the abolition of duties and quotas for the import of agricultural products to the EU countries for the entire period of its candidacy for the EU, as well as to harmonize Ukrainian legislation with the European one.
The integration prospects in the context of Ukraine obtaining the status of a candidate for EU membership were announced by First Deputy Minister Taras Vysotsky at a meeting with the European Business Association (EBA) on June 22, according to the EBA website on Friday.
According to the organization, in addition to the abolition of quotas and duties from the EU in early July, it is planned to cancel licenses for the export of Ukrainian wheat to the EU countries.
Also, in order to open alternative logistics routes, the ministry is negotiating with countries on the use of the Baltic and Polish corridors for the export of agricultural products.
“To support the dairy industry, the Ministry of Agrarian Policy is negotiating with the European Commission to provide grants of up to EUR 50 million to small farmers, and the possibility of submitting them to other international support programs is being considered,” EBA quotes Vysotsky.
The association noted that in the near future it is planned to separate queues for customs clearance of goods with perishable products at two checkpoints on the border with Poland – in Krakovets and Yahodyn.
As reported, on June 4, Regulation of the European Parliament and of the Council No. 2022/870 on temporary trade liberalization measures, exempting Ukrainian exports from all duties and quotas for a year, came into force.

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Secretary of the National Security and Defense Council (NSDC) Oleksiy Danilov announced the determination of 137 types of raw materials, minerals, which will be under the special control of the Ukrainian state.
“Some 137 types of raw materials and minerals have been identified, which today will be under the special control of our government. These licenses will be issued more carefully by the government, because we see what is happening,” Danilov said at a briefing on the results NSDC meeting in Kyiv on Friday.
He said the companies have licenses for copper mining, but not a single kilogram of copper is mined in Ukraine.
“All this will be taken under control by this decision. In addition, certain processes will be strengthened, taking into account the fact that from January 1, 2021, children who were born should receive certain money after a certain period of time, when this system will work,” Danilov said.

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The National Bank of Ukraine (NBU) Committee on Supervision and Regulation of the Non-Bank Financial Services Markets at its meetings held on December 24 and 30, 2020, revoked the licenses for the provision of financial services of 22 non-bank financial institutions.
As reported on the NBU website, the NBU decided to revoke all licenses for the provision of financial services of five financial institutions – Creditlife financial company LLC, Yuvid-2009 LLC, Aliot financial company LLC, Kailas Finance financial company LLC and Parkmar Inkaso LLC. The total assets of these companies as of October 1, 2020 amounted to UAH 138.6 million, or 0.07% of the total assets of the market.
In addition, the regulator revoked all licenses of the Ukrsotscredit credit union, in particular, one license for the provision of loans, including a financial loan. Liabilities of Ukrsotscredit credit union as of October 1, 2020 amounted to UAH 200 (0.00002% of the total market volume), and its assets amounted to UAH 917,800 (0.04% of the total market volume).
The committee also decided to revoke several of the existing licenses of Global Infinity Ukraine LLC, in particular, licenses for the provision of financial leasing services, as well as for the provision of guarantees. The company still has two licenses in effect – for the provision of loans, including a financial loan, as well as for the provision of factoring services.
In addition, the regulator revoked the license for the provision of guarantees of Dekart financial company LLC, Kaverton financial company LLC, Professional Payment System LLC, Fidem financial company LLC, Finar financial company LLC, Asap Finance LLC, Bladvein financial company LLC, Verra Finance LLC, Invest House financial company LLC, Mega Finance financial company LLC, Sky financial company LLC, Smart Finance Solution financial company LLC, Finance Company LLC and Finrezerv financial company LLC. These financial companies continue their activities and have valid licenses, in particular for the provision of loans, including a financial loan, for the provision of factoring services, as well as for the provision of financial leasing services.
The NBU said that these companies had their licenses for the provision of guarantees revoked due to the fact that they did not plan to be actively involved in the provision of guarantees and were not ready to comply with the mandatory standards that came into force on May 1, 2020.
In December, the National Bank reminded all market players who had valid licenses to provide guarantees of the need to comply with mandatory standards.
According to the results of the submitted financial statements for the first nine months of 2020, two-thirds of the financial companies-guarantors out of 354 licensed did not comply with the requirements of these standards and had at least one standard failed to meet.

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Ukraine, Poland have agreed on the preliminary exchange of 160,000 licenses for transportation by road in 2019, Ukraine’s Infrastructure Ministry has reported after a meeting of the Ukrainian-Polish mixed commission for international road haulage held on October 10 and October 11.
“The sides will hold a regular meeting of the mixed commission in the first half of 2019, where a decision will be made to establish the final quota,” the Infrastructure Ministry said on Friday.
In particular, there will be universal licenses for of the categories Euro-1, Euro-2 and Euro-5 – 10,000 each, Euro-3 – 50,000, Euro-4 – 20,000, and transit categories of Euro-3 – 25,000 and Euro-5 – 35,000.
According to the report, Ukraine also agreed to obtain from Poland an additional 10,000 licenses (8,000 transit and 2,000 universal) for this year, which will increase their number to 216,500.
The Infrastructure Ministry said that Poland again insists on reducing the 2019 quota to 130,000. However, this does not meet the needs of Ukrainian haulers. “Our position in relation to this proposal was unambiguous – we do not agree to any reduction of the quota!” Director of the Strategic Development Department of the road market and road transport of the Infrastructure Ministry Viktor Sasin said on Facebook.
The ministry said that the meeting on the quota increase for 2019 will be held after evaluating the effectiveness of the use of already issued licenses.

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