On 26 July 2022, the Cabinet of Ministers of Ukraine (the “CMU”) expanded the list of commodities that must be traded exclusively on commodities exchanges.
The updated list includes the following commodities:
- Natural gas, except for the gas produced by Naftogas;
- Timber (lumber);
- Crude oil;
- Gas condensate; and
- Liquefied gas.
We note that natural gas has in fact not been subject to these requirements since 1 May 2022.
While the National Securities and Stock Market Commission of Ukraine (the “NSSMC”) encourages the companies to operate in compliance with the Resolution, the NSSMC understands the concerns and has decided not to enforce the Resolution for one month from its adoption. The business community will have time to get access to/authorisation on commodities exchanges.
More information on the new capital and commodities markets reform is in our earlier publication.