Ukraine Imposes Sanctions on Gambling Companies

March 30, 2023 | Government

UKRAINE (March 28, 2023) — On 10 March 2023, the President of Ukraine enacted the Ukrainian Security and Defence Council’s decision regarding sanctions on 120 individuals and 287 legal entities.

Since the Russian invasion in 2022, Ukraine has sanctioned thousands of legal entities and individuals, mainly connected with Russia. The 10 March decision also includes a number of gambling companies, such as companies working under brands Parimatch, Sportbet, Sportloto, Betcity, PokerMatch UA and others.

Those entities are now subject to different types of sanctions, including asset freezing, trade operation restrictions, prevention of capital withdrawals, suspension of commercial obligations, and prohibition of transferring technology and IP rights, among others. The period of effectiveness of these sanctions is 50 years.

The decision to apply sanctions is binding for implementation in Ukraine, and sanctioned persons must comply. For instance, Parimatch, whose representatives have denied all allegations of wrongdoing, has already suspended its Ukrainian business.

By: Olga Belyakova, Anna Pogrebna and Mykola Heletiy.

See the original Article.../ Lexology

SOURCE: CMS Ukraine – Presidential Decree No. 145/2023 dated 10 March 2023.

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