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Currency Control Amendments

Tax & Legal Alert

6 October 2014

On 3 October 2014, the National Bank of Ukraine (“the NBU”) issued a resolution that amends several temporary currency control measures introduced in August – September 2014.

The amendments, made to the NBU Resolution No. 540 dated 29 August 2014 (effective until 2 December 2014 inclusively), are as follows:

  • The limit on precious metals that a banking institution may sell to an individual per business day is restricted to the equivalent of UAH 3,000.
  • The limit on precious metals that may be withdrawn from a customer’s account is restricted to a maximum of UAH 15,000 per business day per customer.
  • The ban on making payments under import contracts more than 180 days after the respective goods are imported into Ukraine and cleared by customs does not apply to:  

- Transactions of agricultural producers
- Transactions involving foreign export credit agencies, and
- Transactions under credit letters issued before this Decree entered into force.

  • The ban on settling import transactions not involving the import of goods onto Ukrainian territory does not apply to settlements with non-residents with respect to:

- Tourism, transport, and communication services;
- Operating costs for transport vehicles making trips outside of Ukraine;
- Services associated with the operation of air transport infrastructure;
- Agency and chartering services associated with merchant fleets;
- A bank’s obligations to correspondent banks, international communication systems, information agencies;
- A bank’s obligations to international payment systems;
- Transfers of donations to charitable organizations and any transfers made by the Ukraine Ministry of Health abroad to pay for the treatment of individuals.

The NBU Resolution No. 626 dated 3 October 2014 is effective from 4 October 2014.

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