Extractive industries transparency law came into force in Ukraine

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The Law No.2545-VIII on Ensuring Transparency in the Extractive Industries entered into force in Ukraine.

In accordance with the law, organizations engaged in the extraction of minerals of national importance must submit a report on their activities. Companies will now have to report to the Ministry of Energy on payments to the State, and subsidiaries in the extractive industries to submit a consolidated report on payments to the State. Such reports can be submitted in electronic or paper form or with the special electronic system, if there is one. In addition, mining companies must provide the Ministry of Energy with information on the material terms of agreements on the use of subsoil, together with relevant extracts from such agreements.
It is noteworthy that it is assumed easy and free of charge access to all data.
In addition, the law provides creation of a multilateral group to implement the Extractive Industries Transparency Initiative (EITI). Also an independent administrator will be selected, who will prepare a report after he analyzing and verifying all the information received from the mining companies and officials.
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