The National Bank of Ukraine has introduced a ban on offsetting receivables/payables in foreign currency

PwC, Kyiv, Ukraine, 
Wednesday, Sep 3, 2014

Published by U.S.-Ukraine Business Council (USUBC)
Wash, D.C., Wed, Sep 3, 2014

Following the introduction ofthe 100% mandatory sale of foreign currency proceeds, the National Bank ofUkraine has established that export transactions may not be released fromcurrency control due to the offset of mutual claims*, i.e. effectivelyoffsetting of mutual monetary receivables/payables in foreign currency isbanned. All proceeds from export operations must be exchanged into Ukrainianhryvnia.

The above rule shall be effective from 29 August until 21 November 2014.

We will continue monitoring the issue and update you accordingly.

* TheResolution of the NBU No. 534 dated 28 August 2014