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Monday, January 22, 2007

Final point in land moratorium switchback

As I stated early here and here we all have watched a huge "blockbuster" called "land moratorium". Now all this gone.

Viktor Yushchenko has signed the law prolonging the moratorium on the sale of agricultural land sale until 2008, which was passed by parliament.

The president signed the law "On amendments to the Land Code of Ukraine regarding the ban on the sale of agricultural land before respective legal norms are adopted.

The signed law is considered to be adopted on 19 December 2006. That day, MPs approved the amendments to the Land Code, which banned the sale of agricultural land until 1 January 2008.

According to the effective Land Code, the sale of farmland in Ukraine was allowed as of 1 January 2007. The law signed by the president comes into effect on the day of publication.

In six months, the cabinet shall refer to parliament draft laws on amendments to the laws "On mortgage" and "On land lease" to consider the possibility of putting up land ownership rights as collateral in order to receive loans, including long-term ones, and to Article 20 of the Land Code
of Ukraine in order to improve the procedure for changing the purpose of land.

The cabinet have to rework and approve the legislation with regard to appraisal of agricultural land.