Extractive Industries Transparency Initiative (EITI) is an independent standard of transparency, supported at the international level and implemented in 48 countries (2014). Governments disclose how much they receive from extractive companies operating in their country and these companies disclose how much they pay.
In September 2009,Ukraine committed to implement EITI, having approved the Decree of the Cabinet of Ministers No. 1098 ”On Ukraine’s Accession to the Extractive Industries Transparency Initiative”. Later, these intentions have been approved in agreements with the IMF and the EU.
On October 10, 2010, the Ministry of Energy and Coal Industry by its Order No.785 created the EITI Multi-Stakeholder Group in Ukraine, which included representatives of government, companies and civil scoiety.
In accordance with the EITI Standard and associated transitional arrangements, Ukraine is required to publish its first EITI Report within two years of becoming a Candidate (by 17 October 2015). If the EITI Report is not published by this deadline, Ukraine will be suspended. Validation will commence within three years of becoming a Candidate (by 17 October 2016).
The Board noted that the MSG plans to include the iron ore and coal sectors in the second EITI Report. “The Board considers this approach sub-optimal given the importance of these industries, and emphasised that compliance requires coverage of all material oil, gas and mining industries.”