NBU Eases Capital Control Restrictions
Baker&McKenzie, Kyiv, Ukraine,
Wed, Jan 13, 2016
The National Bank of Ukraine (the “NBU”) has eased some of the existing capital and currency control restrictions by amending the resolution it adopted on 4 December 20151.
The NBU has lifted prohibition on registration of (i) amendments to cross-border loans in case of replacement of the creditor/borrower and (ii) local foreign currency loans upon their assignment to a non-resident creditor.
These amendments were implemented by the regulation “On Amendments to Certain Legislative Acts of the NBU” adopted by Resolution No. 996 of the Board of the NBU dated 30 December 2015.
Please refer to our earlier legal alert in relation to the rest of the contingency measures of the NBU which remain unchanged by following the link.
If you would like to discuss any aspect of these developments please feel free to contact us.
1 NBU Board Resolution No 863 “On Resolving the Situation in the Monetary and Foreign Exchange Markets of Ukraine”, dated 4 December 2015.
This LEGAL ALERT is issued to inform Baker & McKenzie clients and other interested parties of legal developments that may affect or otherwise be of interest to them. The comments above do not constitute legal or other advice and should not be regarded as a substitute for specific advice in individual cases.