National Bank of Ukraine continues to ease currency control restrictions

PwC, Kyiv, Ukraine,

Wed, Nov 15, 2017

On 14 November 2017, the National Bank of Ukraine (“NBU”) issued a resolution*, which further eases certain currency control restrictions, namely:

Starting from 15 November 2017, there are no time limits on the repatriation of dividends to foreign shareholders of Ukrainian companies. Previously, it was allowed to repatriate dividends accrued in 2014-2016 only.
- The monthly cap on repatriation of dividends for the period up to and including 2013 is set at the equivalent of USD 2 million.
- The monthly cap on repatriation of dividends for 2014-2016 remains equivalent to USD 5 million.
An early repayment of a loan provided by a non-resident is now allowed if the Ukrainian borrower is in liquidation.

The changes come into effect starting 15 November 2017.

We will continue to monitor the developments and keep you updated on the issue.

* NBU Resolution No. 112 dated 14 November 2017

Contacts:

Camiel van der Meij, Partner & TLS Leader, camiel.van.der.meij@pwc.com
Andrey Pronchenko, Tax and Legal Services, andrey.pronchenko@pwc.com
Alexey Katasonov, Director, Tax and Legal Services, alexey.katasonov@pwc.com

This flash report is produced by PricewaterhouseCoopers’ tax and legal services department. The material contained in this alert is provided for general information purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.
© 2017 Attorneys Association «PricewaterhouseCoopers Legal». All rights reserved. PwC refers to the Ukrainian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

We will be sending additional Flash reports as issues arise. If you do not wish to receive these Reports, please advise by return e-mail (pwc.ukraine@ua.pwc.com). Alternatively, if there is someone else in your company to whom we should send our Alerts, please let us know.

We are pleased to inform that this Flash report is also available in Ukrainian and can be sent to you upon request.
Ми раді повідомити, що цей Flash report також доступний українською мовою і може бути наданий Вам за запитом.