On 25 July 2011, the National Bank of Ukraine (the "NBU") adopted Resolution No. 250 amending the Regulation "On the procedure of issuing individual licences for transfer of foreign currency outside Ukraine to pay for the bank metals and perform certain currency transactions" (the "Resolution"). The Resolution became effective from the date of its official publication (i.e. 5 September 2011).

The Resolution amends the list of foreign currency transactions not requiring an individual licence from the NBU. An individual licence is no longer required for the transfer of funds by a resident guarantor (surety) to a non-resident creditor within the limits of the liabilities of the resident borrower envisaged by the respective loan (surety) agreement, as registered with the NBU.

It should be noted that such amendments have not affected the currency control requirements as to the purchase of foreign currency to perform the above guarantor's (surety's) obligations. As a result, a resident guarantor (surety) that is not an authorised bank or authorised financial institution may not purchase foreign currency to meet the above described obligations, however said resident guarantor (surety) is free to use its own foreign currency funds to pay the above mentioned payment obligations.

Law: Resolution of the National Bank of Ukraine No. 250 amending the Regulation "On the procedure of issuing individual licences for transfer of the foreign currency outside Ukraine to pay for the bank metals and perform certain currency transactions", dated 25 July 2011.