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kraine adopted a package of laws on privatization in March of 1992. In addition, State Privatization Programs for 1992 and 1994 were adopted by Parliament. Privatization in 1995 and 1996 has been regulated by the Decrees of the President of Ukraine. The principal state organ responsible for privatization in Ukraine is the State Property Fund ("SPF").

kraine has significantly increased the speed of privatization at the end of 1995. Although the government had begun to transform state enterprises into joint stock companies and to sell them through auctions and competitive tenders in 1993, the pace of privatization of medium and large enterprises had been slow. Most firms privatized up until 1995 had been small businesses involved in the spheres of retail trade, food service and other service-related activities. Furthermore, a significant portion of those enterprises, which were privatized prior to 1995, had been privatized through a buyout of the enterprise by the enterprise's workers' collective.