{"id":3510,"date":"2018-09-20T16:41:39","date_gmt":"2018-09-20T12:41:39","guid":{"rendered":"http:\/\/eiti.org.ua\/?p=3510"},"modified":"2018-10-03T19:43:50","modified_gmt":"2018-10-03T15:43:50","slug":"ukraine-passes-extractive-industries-transparency-law-based-on-best-practice-from-eiti-and-eu","status":"publish","type":"post","link":"https:\/\/eiti.org.ua\/en\/2018\/09\/ukraine-passes-extractive-industries-transparency-law-based-on-best-practice-from-eiti-and-eu\/","title":{"rendered":"Ukraine passes extractive industries transparency law based on best practice from EITI and EU"},"content":{"rendered":"

Ukraine\u2019s national parliament passed the widely-backed Law 6229 \u2018On ensuring transparency in extractive industries\u2019 on 18 September 2018. The new legislation sets out legal principles for the collection, disclosure and dissemination of data on Ukraine\u2019s extractive industries. It is hailed by campaigners as a milestone on the road to transparency and accountability in the country\u2019s oil, gas and mining sector.<\/em><\/p>\n

Ukraine\u2019s national parliament passed the widely-backed\u00a0Law 6229<\/a>\u00a0\u2018On ensuring transparency in extractive industries\u2019 on 18 September 2018. The new legislation sets out legal principles for the collection, disclosure and dissemination of data on Ukraine\u2019s extractive industries. It is hailed by campaigners as a milestone on the road to transparency and accountability in the country\u2019s oil, gas and mining sector.<\/p>\n

Law 6229 was developed with the aim of harmonising\u00a0Ukraine\u2019s legislation with the EITI Standard and the\u00a0EU Accounting Directive<\/a>. The law mandates the disclosure of payments at the project level, the ultimate beneficial owners of companies and \u201cmaterial\u201d elements of contracts relating to the extractive industry, such as social obligations, building infrastructure and barter arrangements.<\/p>\n

The law was passed by 244 votes. For Ukraine\u2019s transparency campaigners, including parliamentarians, companies, and civil society organizations that assisted in drafting and passing the law, the outcome of the vote is significant.<\/p>\n

\u201cThis is a victory for transparency campaigners in\u00a0Ukraine,\u201d said Olga Bielkova, Member of Ukrainian Parliament and EITI Board Member. \u201cCompanies will now have to report what deals have been agreed in the oil, gas and mining sector and by whom.\u00a0 This law incorporates best international transparency practice from the EU and the EITI and unifies it with Ukrainian law. It enshrines transparency and accountability principles into Ukrainian laws and regulations, strengthening governance and institutions.\u201d\u00a0<\/em><\/p><\/blockquote>\n

The new law paves the way for more systematic reporting of industry data. It requires that all payments and contract disclosures should be published online, in open data formats and by the government agencies and companies. All data must be approved by an external certified auditor. Failure to report data correctly will result in high penalties.<\/p>\n

The new law will give the Ukrainian people access to valuable information to understand and evaluate the economic and social impact of the exploitation of the country\u2019s oil, gas and mineral resources. According to campaigners, the enhanced transparency provided by the law will also create a more attractive investment environment in Ukraine.<\/p>\n

\u201cThe law contains EITI best practices and recommendations – project by project reporting, opening significant parts of the contract up and disclosing information about beneficial owners,\u201d said Olena Pavlenko, President of DiXi Group. \u201cIf the law is implemented properly, it will ensure fair and open reporting processes from both government and companies entities. We very much hope that it will lead to more trust and cooperation between civil society, government and companies, better governance of natural resources and sustainable development of Ukraine.\u201d<\/em><\/p><\/blockquote>\n

EITI<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ukraine\u2019s national parliament passed the widely-backed Law 6229 \u2018On ensuring transparency in extractive industries\u2019 on 18 September 2018. The new… <\/p>\n","protected":false},"author":4,"featured_media":3500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[21,18,19],"tags":[],"class_list":["post-3510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-events","category-news","category-official"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/posts\/3510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/comments?post=3510"}],"version-history":[{"count":1,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/posts\/3510\/revisions"}],"predecessor-version":[{"id":3511,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/posts\/3510\/revisions\/3511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/media\/3500"}],"wp:attachment":[{"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/media?parent=3510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/categories?post=3510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eiti.org.ua\/en\/wp-json\/wp\/v2\/tags?post=3510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}