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NBU Eases Capital Control Restrictions
Baker&McKenzie, Kyiv, Ukraine,
Mon, Oct 26, 2015
TheNational Bank of Ukraine (the “NBU”)has eased some of the existing capital and currency control restrictions byamending the resolution it adopted on 3 September 20151.
What restrictions havebeen lifted?
Among other things, the NBU has eased the following restrictions:
1. The NBU has extended the list of exceptions from the mandatoryrequirement for legal entities, individual entrepreneurs and representativeoffices to sell 75% of the foreign currency proceeds received from abroad underthe following transactions:
(a) projects performed according to agreements between the European Unionand Ukraine on participation of Ukraine in the international programs of theEuropean Union;
(b) financial grants received from international financial institutions inwhich Ukraine is a participant by a Ukrainian legal entity (i) that is financedby such grants and (ii) has the Ukrainian Government as a member of itsgoverning bodies; and
(c) as collateral credited to the account of a tender operator for theparticipation of a non-resident in a tender concerning privatization ofstate-owned assets.
2. The restriction on repaying cross-border loans before the maturity datedoes not apply to cross-border loans issued by international financialinstitutions of which Ukraine is a member or where Ukraine contractually agreedto treat such loans as entered into with international financial institutions.
3. The restriction on registration of (i) amendments to cross-border loansin case of replacement of the creditor/borrower and (ii) local foreign currencyloans upon their assignment to a non-resident creditor does not now apply toloan agreements if the loan was provided to the Ukrainian borrowers with theparticipation of a foreign export credit agency.
These amendments were implemented by the regulation “On Amendments to NBU BoardResolution No. 581 dated 03 September 2015” adopted by Resolution No. 718 ofthe Board of the NBU dated 22 October 2015.
If you would like to discuss any aspect of these developments please feel freeto contact us.
1NBU Board Resolution No 581 “On Resolving the Situation in the Monetaryand Foreign Exchange Markets of Ukraine”, dated 3 March 2015.
ThisLEGAL ALERT is issued to inform Baker & McKenzie clients and otherinterested parties of legal developments that may affect or otherwise be ofinterest to them. The comments above do not constitute legal or other adviceand should not be regarded as a substitute for specific advice in individualcases.
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