President of Ukraine Petro Poroshenko has signed law No. 767-VІII on amendments to Section X "Transitional Provisions" of the Land Code of Ukraine on the extension of a ban on the alienation of agricultural land, adopted by the parliament on November 10, 2015, reads the official presidential website.

The act extends the moratorium on the sale or alienation of agricultural land for one year until January 1, 2017. This will allow for some time to settle the procedure of farmland turnover at the legislative level and develop necessary regulations.

For this purpose, the law amends Points 14 and 15 of Section X "Transitional Provisions" of the Land Code of Ukraine, while the Cabinet of Ministers is instructed to develop the final provisions by March 1, 2016 and submit to the Verkhovna Rada a draft law on farmland turnover.