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The National Bank of Ukraine restricted advance payments under import contracts, imposed additional limitations on the purchase of foreign currency and withdrew the previously introduced ban on the purchase of foreign currency
Sayenko Kharenko law firm,
Kyiv, Ukraine, Fri, Feb 27, 2015
In the course of thisweek, the National Bank of Ukraine (NBU) has been actively imposing andrevoking restrictions and prohibitions on foreign currency transactions.
On 23 February 2014, the NBU adopted Resolution No. 124,which restricted advance import payments and prohibited purchase of foreigncurrency with borrowed funds. On 24 February 2015, the NBU adopted ResolutionNo. 130, which imposed a temporary (from 25 to 27 February) ban on the purchaseof foreign currency by bank's clients. However, on the next day the ban wasrevoked by Resolution No.131 effective from 26 February 2015.
Please see below a summary of the new rules imposed by theNBU and certain preliminary recommendations to the importers.
Restrictions on advancepayments under import contracts
Contracts, which fall under the restrictions
Restrictions imposed by the Resolution No. 124 apply startingfrom 24 February 2015 in respect of contracts satisfying the followingcriteria:
- the contract provides for import of goods, works, servicesor intellectual property rights;
- payments under the contract (in full or in part) are madein advance of the delivery; and
- the total price of the contract exceeds USD 50,000 or USD500,000 (depending on the thresholds, different restrictions apply).
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