Foreign Currency Regulations: March 2015

Examination of the National Bank of Ukraine (NBU) is required for non-commodity import contracts if the amount of the contract is equal to or greater than EUR 25,000.

According to NBU Resolution No. 161 dated 03.03.2015 the amount that can be used to pay for services, works and intellectual property rights under import contracts of without the Cost Examination Certificate has been reduced from EUR 50,000 to 25,000 (or its equivalent in other currency).

Any payments overseas in foreign currency in excess of USD 50,000 require permission of the NBU and tax clearance certificate.

NBU Resolution No. 160 dated 03.03.2015 extends all the restrictions imposed previously by NBU Resolution No. 758 dated 01.12.2014 until June 3, 2015.

Besides new restrictions were introduced:

Sending money overseas or buying money intended to be sent overseas in the amount equal to or greater than USD 50,000 (or its equivalent in other currency) has to be permitted by the NBU; such permission is issued not earlier than on the 4th working day from the date of bank transfer request entering or date of application for currency purchase. In case of import contract payment, in order to obtain NBU permission one should submit a statement from the State Fiscal Service of Ukraine confirming that the client has no tax, fee or payment debts.

Prohibition on sending money overseas for participatory interests and due to charter capital reduction
It is prohibited to refund overseas funds received by foreign investors as relates to transactions on participatory interests` sale in legal entities executed in the form other than shares, reduction of legal entities` charter capital and withdrawal of foreign investors from the business entities.