Ukraine’s president has signed parliamentary approved amendments to legislation removing certain administrative barriers for the export of services (other than transportation services).

According to the amendments, in January 2017 the administrative burdens, now faced by service providers in Ukraine in order to receive payments in foreign currency to their local bank account, will be lifted. It will no longer be mandatory for service providers in Ukraine to sign standard, hard-copy contracts translated into the Ukrainian language with their foreign counter-parties.

Under the new rules, an invoice, acceptance of public offer, or exchange of correspondence — including solely in electronic form and solely in the English language — shall be considered as a valid contract between the Ukrainian service provider and its foreign counterparty and shall be sufficient ground for the servicing bank to accept the money for the client. The National Bank of Ukraine has one month to bring its regulations into compliance with these amendments.