Business news from Ukraine

LICENSES FOR EXTRACTION OF RAW MATERIALS IN UKRAINE TO BE ISSUED MORE STRICTLY

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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UKRAINIAN REGULATOR EVOKES LICENSES OF 22 NON-BANKING FINANCIAL INSTITUTIONS

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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POLAND AND UKRAINE AGREE ON 160,000 LICENSES FOR TRANSPORTATION BY ROAD IN 2019

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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