08 January 2016

 

 

Resolution of the National bank of Ukraine No. 996 from 30 December 2015 (hereinafter – “Resolution No. 996”) revokes a temporary ban to register amendments by the National bank of Ukraine (hereinafter – the “NBU”) to the following agreements:

  • on replacement of a creditor and / or a debtor in an obligation under the credit / loan agreements, denominated in foreign currency and obtained by a resident (except for an authorized bank) from a non-resident;
  • on assignment of the right to claim from a resident creditor to a non-resident under the credit / loan agreements denominated in foreign currency.

The list of documents, which may be required by a servicing bank for registration of changes, is vague and includes “documents confirming economic feasibility (sense) of financial transactions” and “documents confirming sources of funds for credit / loan repayment”.

Following analysis of the documents, the servicing bank issues an opinion about reveal or absence of criteria of risky activities and could reject to maintain the transaction if such criteria is revealed.

The term for registration of changes to contracts by the NBU has been extended to 7 working days. In some cases, the NBU may perform additional analysis of submitted documents.

Resolution No. 996 takes effect on 11 January 2016.

In case advice is required on the above issues, please do not hesitate to contact Sergey Popov (+380444929681) or contact us at the general office number (+380444905507).

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.