The Ministry of Revenue & Duties explains
Violation of the Ukraine’s legislation related to international business entails imposition of sanctions on foreign trade ventures registered in Ukraine or abroad, which are as follows:
- to impose a fine in case of untimely fulfilment or non-fulfilment of binding legal obligations by foreign trade ventures registered in Ukraine or abroad, which are arisen from the law of Ukraine on foreign trade activity. A fine amount is specified in some provisions of the law of Ukraine and/or Ukraine’s court decisions;
- to compel foreign trade ventures registered in Ukraine or abroad to undergo individual licensing, what might put a ban and restrictions or define the procedure for carrying out foreign trade operations;
- to temporary cease international trading, in case of actions that can jeopardize the Ukraine’s national security and economic interests.
The said above sanctions are set out in article 37 of law of Ukraine dd. 16.04.91, №959-ХІІ On Foreign Trade Activity, as amended.
