On 30 October 2014, the National Bank of Ukraine (the "NBU") issued Regulation No. 685 (the "Amendments"), revising, inter alia, NBU Regulation No. 540 dated 29 August 2014 ("Regulation No. 540"). Our analysis of Regulation No. 540 can be found in our previous law-now article. The Amendments become effective on 3 November 2014.
Under the Amendments, the NBU has abolished previously imposed prohibitions towards (i) payments under import transactions which do not provide for the physical delivery of goods to Ukraine; and (ii) payments under import transactions, provided that the goods were imported into Ukraine and the customs formalities were fulfilled more than 180 days ago. Other prohibitions imposed by Regulation No. 540 (such as repatriation of dividends and payments under individual NBU licences) will remain effective until 2 December 2014 (unless the period of prohibition is further extended by the NBU).
Price Evaluation Act Requirement
The NBU has also lowered the threshold for the price evaluation act requirement from EUR 100,000 to EUR 50,000. A Ukrainian entity must obtain such act in order to pay for the services or intellectual property rights to non-residents when such payments exceed the threshold stated above.
Legislation: NBU Regulation "On Amendments to Certain Regulations of the National Bank of Ukraine" No. 685 dated 30 October 2014