Law No. 3484-IX “On minimum reserves of oil and petroleum products”.

This Law defines the legal, organizational and economic principles for the creation and functioning of a system of minimum reserves of oil and petroleum products in Ukraine, and also regulates relations in this field. This Law applies to relations arising in the process of creating, storing, replacing, disclosing, using, renewing and selling (selling) minimum reserves of oil and oil products, as well as implementing an action plan to overcome the crisis situation on the oil and oil products market of Ukraine. Minimum reserves of oil and petroleum products shall be intended special reserves of oil and petroleum products of market entities that are created, stored, replaced, opened, used, renewed and subject to sale in the manner prescribed by this Law, and which are intended to temporarily meet the demand of the domestic market of Ukraine in the consumption of oil and petroleum products in the event of a crisis situation on the oil and petroleum products market. System of minimum reserves of oil and petroleum products shall be intended a set of legal, organizational and administrative measures, engineering, technical means, software, as well as information processing methods aimed at the creation, storage, replacement, disclosure, use, renewal and realization (sale) of minimum reserves of oil and petroleum products. Operator of minimum reserves of oil and petroleum products shall be intended a business entity that meets the requirements established for a market entity and a responsible custodian, carries out activities to create and store minimum reserves of oil and petroleum products and provides services for reserving and storing minimum reserves of oil and petroleum products under relevant contracts (ticket transactions). In order to increase the level of energy security of Ukraine and sustainable supply of oil and petroleum products to the domestic market in the event of a crisis situation on the oil and petroleum products market, as well as in order to introduce a reliable and transparent mechanism for the supply of oil and petroleum products based on the principle of solidarity of the Contracting Parties to the Treaty on the Establishment of the Energy Community, minimum reserves of oil and petroleum products are being created. This Law contains 5 Sections divided into 20 Articles. Section I lays down general provisions. Section II regards minimum reserves of oil and oil products. Section III regards crisis situation on the oil and oil products market, disclosure of minimum oil and oil products stocks. Section IV regards financing of the system of minimum reserves of oil and petroleum products. Section V lays down final and transitional provisions.