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Force-majeure circumstances due to war in Ukraine

Force-majeure circumstances due to war in Ukraine
Ukrainian Chamber of Commerce and Industry has recognized the Russian aggression against Ukraine resulted in…

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Below is the full text of the press release from the Ukrainian Chamber of Commerce of March 14, 2022.

“The Ukrainian Chamber of Commerce and Industry (hereinafter – CCI of Ukraine) on the basis of Art. 14, 14’ of the Law of Ukraine “On Chambers of Commerce and Industry of Ukraine” of 02.12.1997 № 671/97-VR, the Statute of the CCI of Ukraine, evidenced force majeure circumstances (force majeure): military aggression of the Russian Federation against Ukraine, which led to the imposition of martial law from 05:30 on February 24, 2022 for 30 days, according to the Decree of the President of Ukraine of February 24, 2022 № 64/2022 On the imposition of martial law in Ukraine.

Considering the above-mentioned, the CCI of Ukraine confirms that these circumstances from February 24, 2022 until their official ending, are extraordinary, unavoidable and objective circumstances for business entities and / or individuals under the contract, separate tax and / or other obligations the fulfillment of which occurred in accordance with the terms of the contract, agreement, legislative or other regulations and the fulfillment of which became impossible in the set deadline due to the occurrence of such force majeure circumstances (force majeure)”.

From the practical viewpoint, this means that the Ukrainian companies (agents, distributors, franchisees) may suspend performance under the relevant agreements referring to force-majeure circumstances.

 

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