On 4 December 2015 the National Bank of Ukraine (the “NBU”) prolonged most of temporary currency control restrictions*. At the same time, the NBU decided to ease certain restrictions**, in particular:

  • individuals can transfer foreign currency abroad for cashless payment by electronic means for purpose of buying products and services for own use;
  • obligatory sale of foreign currency is not applied to the loans provided to the resident with participation of foreign export-credit agency.

However, the NBU introduced certain additional restrictions. Among others, the NBU now is entitled to deny purchase/transfer of foreign currency under client’s application, if banks’ activity contains risky features, or financial transactions show that the bank is used for money laundering.

Previous and newly introduced restrictions will be effective until 4 March 2016 (inclusive).

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

* NBU Resolution No. 863 dated 4 December 2015.
** Please refer to the following Flash-reports: #10 dated 25 February 2015, #13 dated 4 March 2015, #24 dated 5 June 2015 and #39 dated 7 September 2015.

 
Contacts:

Camiel van der Meij, Partner & TLS Leader, camiel.van.der.meij@ua.pwc.com
Andrey Pronchenko, Director, Tax and Legal Services, andrey.pronchenko@ua.pwc.com
Alexey Katasonov, Senior Attorney, Legal Services, alexey.katasonov@ua.pwc.com

75 Zhylyanska Street | Kyiv | Tel:  +380 44 354 0404 | Fax: +380 44 354 0790 | pwc.ukraine@ua.pwc.com |  www.pwc.com/ua 

This flash report is produced by PricewaterhouseCoopers’ tax and legal services department. The material contained in this alert is provided for general information purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.
© 2015 Limited liability company «PricewaterhouseCoopers». All rights reserved. PwC refers to the Ukrainian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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We are pleased to inform that this Flash report is also available in Ukrainian and can be sent to you upon request.
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