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NATIONAL BANK OF UKRAINE RESTRICTS FOREIGN CURRENCY LENDING
DLA Piper Ukraine, Kyiv, Ukraine, Tuesday, Sep 2, 2014
On 29 August 2014 the National Bank of Ukraine (the"NBU") imposed restrictions on lending in foreign currency for thepurpose of using such foreign currency within the domestic market of Ukraine.
In particular, the NBU prohibited authorized banksto provide foreign currency loans for use at domestic market. The onlyexception to this rule applies where loans in foreign currency are granted forpayment under foreign economic obligations.
In case of violation of this requirement, the NBUwill apply to banks stringent measures up to the revocation of the general bankinglicense for currency transactions.
In addition, the NBU restricted banks release fromcontrol the client's export transactions on the basis of documents ontermination of obligations due to set-off, which in practice could triggerdifficulties related to such set-off.
The aforementioned restrictions wereintroduced further to the Resolution of the NBU dated 28 August 2014 No. 534"On introduction of changes to the Resolution of National Bank of Ukrainedated 20 August 2014 No. 515" and shall be effective till 21 November2014, if not changed by the relevant resolution of the NBU.
We hope that the above informationwill be helpful for you. Please do not hesitate to contact us, should you haveany questions.
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