On 4 March 2014 a number of NBUResolutions came into force*.

The Resolutions extend the previous currency control restrictions (refer to ourFlash report No.68 dated 3 December 2014), and introduce certain additionalrestrictions, in particular:

1. The threshold for service payments to non-residents, which require priceexpertise of the Foreign Markets Monitoring Centre, was decreased from EUR50,000 to EUR 25,000 per year with one counterparty.
2. In order to purchase or transfer foreign currency abroad under importtransactions, clients are obliged to provide to the servicing bank aCertificate from the State Fiscal Service of Ukraine on absence of tax debt;
3. Ukrainian residents (except for individuals) cannot purchase foreigncurrency if they have more than USD 10,000 on their current and depositaccounts in all banks.
4. A ban on the remittance of funds to foreign investors due to:
     - Payment of dividends under securities traded on thestock exchange;
     - Decrease of the charter capital or exit of foreigninvestors from legal entities;
5. A ban on the transfer of UAH from investment accounts for the purchase ofstate bonds.

Previously effective and newly introduced restrictions will be effective till 3June 2015 (inclusive).

The NBU has also increased the discount rate to 30%.

We will continue to monitor the situation and keep you updated on the issue.

*Resolution of the NBU No 160 dated 03 March 2015; Resolution of the NBU No 161dated 03 March  2015; Resolution of the NBU No 154 dated 2 March 2015.

Contacts:

Ron Barden,Partner & TLS Leader, ron.j.barden@ua.pwc.com
AndreyPronchenko,Legal Director, Tax and Legal Services, andrey.pronchenko@ua.pwc.com
Alexey Katasonov,Senior Attorney, alexey.katasonov@ua.pwc.com

75 Zhylyanska Street| Kyiv | Tel:  +380 44 354 0404 | Fax: +380 44 354 07 90 | pwc.ukraine@ua.pwc.com  |  www.pwc.com/ua 

This flashreport is produced by PricewaterhouseCoopers’ tax and legal servicesdepartment. The material contained in this alert is provided for generalinformation purposes only and does not contain a comprehensive analysis of eachitem described. Before taking (or not taking) any action, readers should seekprofessional advice specific to their situation. No liability is accepted foracts or omissions taken in reliance upon the contents of this alert.
© 2015 Limitedliability company «PricewaterhouseCoopers». All rights reserved. PwC refers tothe Ukrainian member firm, and may sometimes refer to the PwC network. Eachmember firm is a separate legal entity. Please see www.pwc.com/structure for furtherdetails.

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