Following our policy of supporting our current and potential clients at all stages of their activity in Ukraine we would like to alert you to the recent changes in Ukrainian banking legislation. 

The NBU by its Resolution "On Settling the Situation on Ukrainian Currency Market" No. 734 dated 20 November 2014 (the "Resolution No. 734") basically prolonged the effect of the provisions of the NBU Resolution No.515, dated 20 April 2014, in particular: 

       Compulsory exchange of 75% of receivables in foreign currency from abroad (i) in favor of legal entities (other than banks), individual-entrepreneurs, foreign representative offices (except for official representative offices), (ii) on accounts with banks, opened for conducting joint activity without establishing a legal entity, as well as (iii) on accounts of residents, opened outside of Ukraine on the basis of individual license of the NBU. 

This rule is applicable to proceeds in foreign currencies of the first group of the NBU’s Classifier of Foreign Currencies and Bank Metals as well as in Russian rubles.

The compulsory exchange of foreign currency shall be executed by a bank without a client’s instruction no later than on the business day following the day of crediting such proceeds to the clearing account.

     Reduced term for settlements under export/import contracts, which shall be 90 calendar days (instead of 180 calendar days prescribed by the Law of Ukraine "On Order of Settlements in Foreign Currency"). 

The Resolution No. 734 became effective on 22 November 2014 and shall act till 02 December 2014. 

Please follow the link to download the alert 

Oleksander Plotnikov

Head of Banking and Finance Practice 

Tel. +38 044 390 55 33

e-mail: Oleksander.Plotnikov@arzinger.ua

We hope this information will be useful for you.

Kind regards,
Arzinger