On 12 May 2014, the National Bank of Ukraine (the “NBU”) passed Regulation No. 270 “On Change of Payment Terms under Transactions of Export and Import of Goods and Implementation of Compulsory Sale of Foreign Currency Proceeds” (the “Regulation No. 270”), which became effective on 20 May 2014.

The Regulation No. 270 aims to ensure the further stability of the foreign exchange market in Ukraine and extends the following restrictions and limitations previously imposed by NBU Regulation No. 453, dated 14 November 2013:

1. The 90-day term of payment under export and import transactions;

2. The requirement for the mandatory sale of 50% of the total sum of foreign currency proceeds from abroad to legal entities and entrepreneurs; and

3. The requirement for the mandatory sale of foreign currency receipts from abroad to individuals (both resident and non-resident) in the amount that equals or exceeds the equivalent of UAH 150,000 per month.

The Regulation No. 270 remains in effect until 20 August 2014.

Legislation:  1. Regulation of NBU “On Change of Payment Terms under Transactions of Export and Import of Goods and Implementation of Compulsory Sale of Foreign Currency Proceeds” No. 270, dated 12 May 2014; and

2. Regulation of NBU “On Indicating of Amount of Compulsory Sale of Foreign Currency Proceeds” No. 271, dated 12 May 2014.