NBU: Currency Legislation and FEZ Crimea

Asters, Kyiv, Ukraine,
Wed, Nov 5, 2014

• For the purposes of application of the NBU regulation individuals residing in/ legal entities registered in the territory of FEZ Crimea (hereinafter – Crimean entities/individuals) shall be equated to non-residents of Ukraine and contracts with such entities/individuals – to foreign economic contracts.
• Transfer of funds (payments) from the mainland Ukraine to the territory of FEZ Crimea or from the territory of FEZ Crimea to the mainland Ukraine shall be carried under the rules for transfer of funds outside/in Ukraine.
• Transfer of currency shall be performed in Ukrainian hryvnia or in foreign currencies of 1st and 2nd groups of the Classifier of foreign currencies.
• Residents shall be allowed to make payments in favor of Crimean entities/individuals towards obligations connected with property in Crimea (acquired before the Law on Free Economic Zone Crimea entry into force) on the basis of supporting information and documents.
• Residents shall be prohibited to invest in FEZ Crimea investment objects.
• It shall be allowed to make payments with Crimean entities/individuals via correspondent accounts in non-resident banks.
• Ukrainian banks shall suspend operations/close accounts of Crimean entities.
• Only individuals shall be allowed to move Russian rubles in cash through administrative border of FEZ Crimea (in the amount which shall not exceed the equivalent of UAH 10,000 upon oral declaration).
• Electronic payment instruments issued (emitted) by the internal or international payment systems shall be permitted for use on the territory FEZ Crimea.

Under the mentioned Resolution the NBU also prohibits certain banking activities (deposit/loan) in Russian rubles on the mainland Ukraine.