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Further Extension of the Restrictions of the National Bank of Ukraine Aimed at Stabilisation of the Situation on Ukrainian FX Market
Kyiv, Ukraine, Fri, June 5, 2015
TheNational Bank of Ukraine (the “NBU”) has adopted resolution No.354 dated3 June 2015 (the “Resolution 354”) aimed at stabilisation of the situation on UkrainianFX market. According to the Resolution 354, the NBU has generally extended allof the restrictions introduced (or extended) by the NBU in March 2015 (asamended). The Resolution 354shall be effective as of 4 June 2015 until 3 September 2015.
At the same time, the NBU has slightlymodified some of its previously introduced restrictions, in particular thefollowing:
FXPurchase Restrictions
The NBU has slightly liberated theprohibition for Ukrainian banks to purchase FX funds upon instructions of theirclients (other than private individuals) if such clients hold their own FXfunds on bank accounts with Ukrainian banks. Until 4 June 2015, suchrestriction did not apply if amount of clients’ funds was below the thresholdamount of USD 10,000. As of 4 June 2015, the NBU increased suchthreshold amount to USD 25,000. As before, certain funds shall not betaken into account in calculating such threshold amount. All other FX purchaserestrictions remained unchanged.
Withdrawalof Cash Funds
The NBU has alsoliberated the restriction whereby Ukrainian banks should limit the withdrawalof cash funds in UAH. The amount of such limitation increased from150 000 UAH per one day per client to 300,000 UAH. All otherlimitations on withdrawal of cash funds (as well as applicable exceptions)remained unchanged.
Apart from theResolution 354, on 3 June 2015 the NBU adopted another resolution (the “PriceResolution”) whereby the NBU has slightly liberated the procedure formaking payments outside of Ukraine under contracts for works, services, IPrights, etc. In particular, the threshold amount of payments under saidcontracts triggering the requirement to obtain a price evaluation act wasincreased from EUR 25,000 to EUR 50,000. The Price Resolution shallbe effective as of 4 June 2015 and is not limited in time.
About EPAP Ukraine
Egorov Puginsky Afanasiev & Partners Ukraine (EPAP Ukraine) isone of the leading full-service law firm in Ukraine, advising leading globaland local businesses in Ukraine, throughout the CIS and worldwide.
In 2014, the firm has been recognized as a leader of the Europeanmarket according to The Lawyer European Awards 2014: European Law Firm ofthe Year and European Corporate Team of the Year.
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