Ukrainian President Petro Poroshenko has vetoed a draft law amending several legislative acts of Ukraine for stabilizing activities of the state joint-stock company Chornomornaftogaz in connection with the temporary occupation of Ukrainian territory. The bill would have established a moratorium on expropriating debts of the enterprise.

Bill No. 5370, according to the Verkhovna Rada of Ukraine, was returned with recommendations to parliament on Monday, June 26, 2017. The president's recommendations were not posted to the parliament's website.

The adopted bill was sent for Poroshenko's signature on May 26, 2017.

The Rada adopted the bill in its second reading and in totem on May 18, 2017. Some 233 deputies voted in favor of the measure.

According to the law, suspension of executive actions and measures to force compliance with court decisions would have been included in the moratorium period. In addition, earlier rulings to arrest enterprise property would have been stayed.

Special permission granted to Chornomornaftogaz to exploit energy deposits in occupied territory, the terms of which ended during the annexation of Crimea, would have been automatically extended for the period of temporary occupation.

As earlier reported, in March 2014 as a result of Russia's illegal annexation of Crimea, Chornomornaftogaz lost access to production assets and gas fields on the Crimean peninsula and shelf.

The enterprise is registered in Kyiv and is taking measures to resume commercial activity. It is also seeking to reconstitute lost documents and preparing documentation for international court cases against Russia.