The National Bank of Ukraine prolongs most of the currency control restrictions

PwC, Kyiv, Ukraine, 
Mon, Sep 7, 2015

On 3 September 2015 the NationalBank of Ukraine (the “NBU”) prolonged most of temporary currency controlrestrictions* currently in place. Moreover, the NBU introduced certainadditional restrictions and, in particular, a ban was introduced on:

• registering changes in loan agreements with non-residents, whereby the parties are changed (with certain exceptions);
• purchasing foreign currency for payments under import transactions, when the goods underwent custom clearance before 1 January 2014 and the debtor/creditor was changed.

At the same time, the NBU decidedto ease certain restrictions, in particular**:

• an offset under trade agreements in foreign currency other than hard currencies (e.g. except for USD, EUR and RUB) in the amount not more than USD 500,000 under one agreement is now allowed;
• the mandatory submission of a certificate from the State Fiscal Service on the absence of tax debt for the purchase/transfer of foreign currency under import transactions is now cancelled;
• the transfer of foreign currency based on NBU individual licences is allowed, provided that the amount of the transfer shall not exceed USD 50,000 within one calendar month.

We will continue to monitor thesituation and keep you updated on the issue. The new rules may give rise touncertainties and questions. Please do not hesitate to contact us for help andadvice on this matter.

* NBUResolution No. 581 dated 3 September 2015.
** Pleaserefer to the following Flash-reports: #10 dated 25 February 2015, #13 dated 4March 2015 and #24 dated 5 June 2015.

 
Contacts:

Camiel van der Meij, Partner, Tax and LegalServices, camiel.van.der.meij@ua.pwc.com
AndreyPronchenko,Legal Director, Tax and Legal Services, andrey.pronchenko@ua.pwc.com
Alexey Katasonov, SeniorAttorney, Tax and Legal Services, alexey.katasonov@ua.pwc.com

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