Concerning restrictions on transfer of funds abroad  

Resolution No. 685 of the Board of the National Bank of Ukraine dated 30October 2014 (the “Resolution”), has introduced changes to ResolutionNo. 540 dated 29 August 2014 and No. 597 dated 30 December 2003.

TheResolution cancelled previously introduced temporary restrictions, with regardto:

·        Transactions in foreign currency of import operations without theimportation of goods into the territory of Ukraine

·        Payments under import contracts, in respect of which customs clearancewas done on the basis of import customs declaration, the date of issue of whichexceeds 180 days

Thus,payments in foreign currency may be made by Ukrainian importers to meet theirobligations to non-residents under the above import transactions.

Theabovementioned changes alleviated the respective requirements of the NBU;however, additional restrictions with regard to payments for the services ofnon-residents were introduced.  

Thepreviously established requirement foresaw applying the price evaluation act ifthe payment under the contract favoring non-residents exceeded €100,000; theResolution has revised the value of the contract to €50,000.

Pleasenote that all of the above amendments come in effect as of 3 November 2014.

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Natalia Selyakova

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Dentons, Kyiv office

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