Wolf Theiss

STRENGTHENING THE TRANSPARENCY IN EXTRACTIVE INDUSTRIES IN UKRAINE

On 16 June 2015 the Verkhovna Rada of Ukraine adopted the Law "On Amending Certain Legislative Acts of Ukraine Related to Strengthening the Transparency in Extractive Industries of Ukraine” (the "Law") which will become effective in the coming weeks. This Law has been developed in order to introduce the European financial reporting standards in Ukrainian extractive industries and to ensure Ukraine’s compliance with its obligations as a candidate country for the Extractive Industries Transparency Initiative (the "EITI")(1). EITI developed an independent and voluntary international standard for openness around the management of revenues from natural resources (the EITI Standard), which is currently being implemented by 48 countries.

For further information please contact

Taras
Dumych
Partner
Ukraine
Olena
Kravtsova
Associate
Ukraine

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