Business needs to record the facts of losses caused by the war for further compensation
As a result of the first month of the war in Ukraine, many business facilities were destroyed or damaged by Russian shelling and airstrikes.
Therefore, the Cabinet of Ministers of Ukraine adopted Resolution № 326 of March 20, 2022, on the Procedure for determining the damage caused by the armed aggression of the Russian Federation.
Thus, the document identifies key areas for which the damage level will be assessed. These include economic losses of enterprises of all forms of ownership due to the destruction and damage of their property, as well as lost profits from the impossibility or obstacles to doing business.
It should be noted that there is currently no procedure for compensating the affected companies, but government officials are actively working on it.
However, the affected companies are recommended to document the facts of material losses and lost profits to further use them as a basis for compensation.
One of the EBA member companies, the law firm Arzinger, has prepared recommendations for documenting losses of business caused by the aggression of the Russian Federation. You can find it at the link