Agreement with OPEC Fund for Protection of Investments came into force in Ukraine

Source : 112 Ukraine

Verkhovna Rada ratified the document in early December last year
20:06, 21 January 2018

112 Agency

Law No. 2220-VIII on the ratification of the agreement with Fund for International Development OPEC on investment protection came into force in Ukraine.

The agreement prescribes that Ukraine will provide the "most favored regime" for investments that are owned or controlled directly or indirectly by the OPEC fund.

It is a fair and equitable regime, no less favorable than that which the country in similar situations gives to other multilateral financial institutions (however, this is not about benefits or preferences like those that result from customs or monetary union, etc.).

The OPEC Fund before each investment will inform the Ukrainian government and will not finance those projects for which the Cabinet of Ministers allocates money.

Ukraine, for its part, should publish any laws or judicial decisions that may affect the said investments. And it also undertakes not to seize and not to nationalize the investment, except for public needs. If the expropriation did take place, Ukraine must compensate for the full cost of the investment.

If investment has suffered a loss due to war, armed conflict, revolution, national emergency, insurrection or rebellion, Ukraine must pay compensation - such as it pays to its investors.

At the request of each other, the parties must agree to conduct consultations, if necessary.

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