Nov. 20 (Bloomberg) -- Ukraine’s parliament extended a ban on sales of farmland by three years to January 2016, giving time to prepare related legislation.
The bill was backed by 269 members of the 450-seat legislature in Kiev today. It was introduced by Yuriy Miroshnichenko, a member of President Viktor Yanukovych’s Party of Regions.
Agricultural land in Ukraine amounts to 41.6 million hectares (102.8 million acres) covering 69 percent of the nation, with arable land accounting for 32.5 million hectares. Yanukovych had aimed to start a market for farmland next January. For now, producers lease land from individual owners of the country’s approximately 6.5 million plots.
The moratorium was extended because more laws related to a market in farmland must be approved first, Miroshnichenko said in an explanatory note on the parliamentary website.
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