As a follow-up to our yesterday’s legal alert on this matter, we would like to inform you that according to the information published on its official web-site, the National Bank of Ukraine has determined the amount of foreign currency proceeds subject to mandatory sale by Resolution No. 479 dated 16 November 2012 ("the Resolution"), which took effect on 19 November 2012.

Amount of foreign currency proceeds subject to mandatory sale

• The Resolution reportedly provides that 50% of Ukrainian residents' foreign currency proceeds from the sale of goods under cross-border agreements in the currencies of the 1st group of the Classifier of foreign currencies (including, particularly, US dollar and Euro) and Russian rubles are subject to mandatory sale on the Ukrainian currency market.

We will keep you informed of further developments as they occur.