VR meaning in Business ?

The Verkhovna Rada of Ukraine (Ukrainian: Верхо́вна Ра́да Украї́ни, romanized: Verkhovna Rada Ukrayiny, lit. 'Supreme Council of Ukraine', Ukrainian abbreviation ВРУ), often simply Verkhovna Rada or just Rada, is the unicameral parliament of Ukraine. The Verkhovna Rada is composed of 450 deputies, who are presided over by a chairman (speaker). The Verkhovna Rada meets in the Verkhovna Rada building in Ukraine's capital Kyiv. The deputies elected in the 21 July 2019 Ukrainian parliamentary election were inaugurated on 29 August 2019.

The Verkhovna Rada was transformed out of the system of republican representative body known in the Soviet Union as Supreme Soviet (Supreme Council) that was first established 26 June 1938 as a type of legislature of the Ukrainian SSR after the dissolution of the Congress of Soviets of the Ukrainian SSR.

The 12th convocation of the Supreme Soviet of the Ukrainian SSR (elected in 1990) issued the Declaration of Independence of Ukraine, introduced elements of a market economy and political liberalization, and officially changed the numeration of its sessions, proclaiming itself the first convocation of the "Verkhovna Rada of Ukraine". The current parliament is the ninth convocation. Because of the War in Donbas and the unilateral annexation of Crimea by Russia, elections for the constituencies situated in Donbas and Crimea were not held in the 2014 and 2019 elections; hence the current composition of the Verkhovna Rada consists of 424 deputies.

In the last elections to the Verkhovna Rada, a mixed voting system is used. 50% of seats are distributed under party lists with a 5% election threshold and 50% through first-past-the-post in single-member constituencies. The method of 50/50 mixed elections was used in the 2002, 2012, 2014 and 2019 elections; however, in 2006 and 2007, the elections were held under a proportional system only. According to the election law that became valid on 1 January 2020 the next election to the Verkhovna Rada (set for 2023) again will be held under a proportional scheme.