The Economic Development and Trade Ministry of Ukraine has posted a bill proposing the increase in the size of financial backstop for tour operators from EUR 20,000 to EUR 50,000 and travel agents from EUR 2,000 to EUR 10,000.

"According to the data of the license register of tourism entities of the Economic Development and Trade Ministry as of January 1, 2017, some 2,581 business entities received licenses for tourism activities, including 2,023 tour operators that lack financial support or it was issued by bank institutions that are declared insolvent," the accompanying documents to bill read.

Tour operators must guarantee their liability to the consumer for possible losses in the form of a bank guarantee or by concluding an insurance contract, the bill says.

According to the accompanying documents to the bill, the amount of guarantee or insurance under the contract should not be less than 5% of the annual volume for the previous year from the sale of tourist products for tour operators and the annual commission for travel agents.

The ministry also intends to abolish the standards for certification of tourism activities, which came into effect in February 2016, according to an explanatory note attached to the bill.