In addition to the previous steps taken to stabilize the situation on the foreign exchange market  of Ukraine the NBU issued its Resolutions No. 540 dated 29.08.2014 (hereinafter, Resolution No.  540) and No. 591 dated 22.09.2014 (hereinafter, Resolution No. 591) to introduce new mechanisms  intended to decrease the demand for foreign currency in Ukraine and to contribute to the  strengthening of Hryvnia.

According to the amendments to Resolution No. 515, the amount of foreign exchange earnings subject  to According to the amendments to Resolution No. 515, compulsory sale has been reduced from 100% to 75%.

Transactions with foreign exchange are subject to the following restrictions:

  • early fulfillment of obligations under loan agreements between Ukrainian borrowers and foreign  lend- ers is prohibited;
  • sale of foreign currency cash to one person per one operational (business) day is allowed in an  amount not exceeding the equivalent of UAH 3,000 within one banking institution (this restriction  does not apply to the sales of currency to a resident individual for the latter’s performance of  its obligations in foreign currency under a loan agreement with the relevant bank);
  • in case of current non-commercial transactions foreign currency shall be transferred outside  Ukraine on individuals’ order:
  • without any supporting documents from the current account in foreign currency or without opening  it, in an amount not exceeding the equivalent of UAH 15,000 per one operational (business) day.  Non- resident individuals make such transfers on the basis of documents confirming the origin of  funds;
  • from the current account in foreign currency in an amount exceeding the equivalent of UAH  15,000, from the current account in foreign currency in however, not to exceed UAH 150,000 per month.

Resident individuals carry out such transfers based exclusively on supporting documents.

The above restrictions do not apply to the exclusive list of transactions specified in Resolution  No.540.

  • it is possible to obtain cash in national currency at cash desks and ATMs in an amount up to UAH 150,000 per day per client;  
  • early repayment of deposits in foreign currency is allowed only in the national currency at the foreign currency purchase rate of an authorized bank on the day of transaction;
  • it is possible for clients to obtain foreign currency cash from their current and deposit  accounts through cash desks and ATMs in the amount not exceeding the equivalent of UAH 15,000 per  day per client at the official exchange rate of the National Bank of Ukraine.

The above requirement extends to the issuance (receipt) of cash both in and outside Ukraine,  regardless of the number of accounts opened for a client with one bank;

  • to purchase foreign currency on the interbank foreign exchange market, funds in UAH should be  previ- ously credited to a separate analytical account of the bank and then be transferred for the  purchase of foreign currency no later than on the third operational day after receipt of UAH in  that account;
  • cash in Ukraine may be provided against electronic means of payment (payment cards) issued by  both cash in Ukraine may be provided against electronic residents and non-residents exclusively in UAH.

Moreover, a ban is imposed on the following transactions in foreign currency:

  • settlements on import transactions without goods being imported to the territory of Ukraine;
  • payments under import contracts, under which products have been imported to Ukraine under cus-  toms clearance carried out on the basis of an import customs declaration with the date of clearance  exceeding 180 days;
  • repatriation of funds obtained by foreign investors from sales transactions with securities of  Ukrainian issuers, other than government bonds of Ukraine, outside stock exchanges;
  • repatriation of funds obtained by foreign investors under sales transactions with equity rights  of legal entities other than those in form of shares;
  • repatriation of foreign investors’ dividends (other than those on securities traded on stock  exchanges);
  • on the basis of individual NBU licenses (except transactions on the basis of individual licenses  issued by the National Bank of Ukraine to legal entities for placing monetary values on accounts  outside Ukraine).

The above restrictions will be in effect till December 2, 2014.