Ukraine's central bank, the National Bank of Ukraine (the "NBU"), continues to ease some currency control restrictions on cross-border transactions.

Effective from 19 August 2016, the NBU has adopted a resolution abolishing the requirement for Ukrainian residents to obtain a price assessment certificate from the State Center for Monitoring External Commodities Markets (the "Certificate") or, as the case may be, an NBU approval, for cross-border payments to non-residents for works, services and intellectual property rights, which contract value exceeds EUR 50,000¹.

Pursuant to the NBU regulations which were nullified by the above resolution, the Certificate served to certify the conformity of contract prices to market conditions.  In practice, the requirement on obtaining of the Certificate significantly delayed and jeopardized the payments for services and works.

At the same time, numerous restrictions approved by the NBU within the previous two years remain effective.  Please refer to our earlier legal alert for further information on the rest of the contingency measures of the NBU by following the link.

¹ NBU Board Resolution No. 372 "On Nullification of Certain Regulatory Acts of the National Bank of Ukraine", dated 18 August 2016 and effective from 19 August 2016.

Additional notes

This LEGAL ALERT is issued to inform Baker & McKenzie clients and other interested parties of legal developments that may affect or otherwise be of interest to them. The comments above do not constitute legal or other advice and should not be regarded as a substitute for specific advice in individual cases.