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Parliament of Ukraine Extended the Moratorium on the Sale of Agricultural Land until 2018
Legislative Alert - Sayenko Kharenko law firm, Kyiv, Ukraine,
Friday, October 7, 2016
Sayenko Kharenko is a member of the U.S.-Ukraine Business Council (USUBC), www.USUBC.org
The moratorium on sale of agricultural land is extended until 1 January 2018. Such amendments to the Land Code of Ukraine (the "Land Code") were introduced by the Draft Law No.5123-1 (the “Draft Law”), adopted by the Parliament of Ukraine on 6 October 2016.
Previously, the Parliament had prolonged the moratorium until 1 January 2017. At the same time, the members of Parliament undertook an obligation to develop and adopt the law on agricultural land turnover.
However, according to the Explanatory Note to the Draft Law, such prolongation is necessary due to the fact that the issue of the formation and development of agricultural land turnover in Ukraine is not legally regulated as for now. Therefore, the prolongation of the moratorium for an additional year shall ensure transparent and fair formation of the land market as well as prevent monopolization and land concentration.
Thus, Parliament of Ukraine extended the ban on the right of disposal of agricultural land, including, for example, such issues as the right to change the designation of the land plot, the right to gift or use a land plot as collateral.
The amendments will take effect from the next day following the day of their official publication.