The Ministry of Justice granted access to banking secrecy

With the entry into force on July 30, 2025, of the Law of Ukraine “On Factoring,” which among other things amends the Law of Ukraine “On Banks and Banking Activity,” the Ministry of Justice of Ukraine has been legally granted the right to obtain information constituting banking secrecy for the purpose of representing the interests of the State of Ukraine in foreign jurisdictional bodies, including international arbitration.

The Ministry of Justice noted that this mechanism has been effective since the law’s entry into force and applies during the martial law period and for two years after its termination. The provision is used in cases involving disputes with Ukraine and persons connected to the aggressor state.

Furthermore, the adopted amendments resolve a longstanding issue that hindered the full protection of Ukraine’s interests. Despite having the lawful authority to represent the state, the Ministry of Justice previously lacked access to some crucial evidence in cases against entities linked to the aggressor state due to restrictions on obtaining banking secrecy information.

The new mechanism allows requesting necessary information directly from banks, enabling full representation of Ukraine’s interests in international judicial institutions and effectively providing Ukraine with a tool for real legal protection, the Ministry of Justice emphasized.