We refer to our law-now alert “Ukraine: sale of proceeds in foreign currency becomes mandatory” issued in connection with the Resolution of the Board of the National Bank of Ukraine “On Amendment to certain Normative Acts of the National Bank of Ukraine”, dated 8 October 2010 No. 457, registered with the Ministry of Justice of Ukraine on 13 December 2010, No. 1249/18544.

Recently, the National Bank of Ukraine issued a letter in which it expressed its opinion that the cancellation of a resolution which cancelled a previously-adapted resolution will not renew the effectiveness of the latter. As a result, the cancellation of NBU Resolution No. 101 dated 31 March 2005 which, in turn, cancelled the mandatory sale of proceeds in foreign currency, did not renew the procedure of mandatory sale of proceeds in foreign currency.

 Letter of the National Bank of Ukraine dated 22 December 2010 No 13-115/6693-23311