Asters Advises on the First Ever Issuance of Multimillion Customs Guarantee in Ukraine
March, 2017 - Kyiv, Ukraine
Asters Law Firm acts as a legal counsel to ED&F Man, a leading transnational company operating in 60 countries worldwide, in connection with issuing of UAH 195 million customs guarantee by Ukrgasbank, one of the largest Ukrainian banks, in favor of the State Fiscal Service of Ukraine for ED&F Man. This project was the first in Ukraine to involve customs guarantee issued by a Ukrainian bank.
"The Customs Code of Ukraine provides for use of a customs guarantee. Such tool allows importing or exporting goods for processing via tolling scheme (including repair or upgrade), as well as to import goods temporarily into the customs territory of Ukraine or to move goods through the territory of Ukraine in transit regime without customs payments. The main advantage of this inexpensive financial vehicle is that there is no need to use the company's current assets or obtain expensive loan facilities to secure relevant customs taxes and duties when putting the goods at the relevant customs regime in Ukraine", – says Yurii Khramov, Deputy Chairman of the Board of Ukrgasbank.
"This innovative project will support one of the leading agriculture producers in Ukraine, fostering economic activity and securing jobs in our country. We are happy to be a part of the project aimed at the further strengthening of the economic development of Ukraine", – comments Oleksiy Khomyakov, partner at Asters law firm.
Asters' team advising on the project consisted of partner Oleksiy Khomyakov and associate Oksana Legka.
