Resolution No. 685 of the Board of the National Bank of Ukraine dated 30 October 2014 (the “Resolution”), has introduced changes to Resolution No. 540 dated 29 August 2014 and No. 597 dated 30 December 2003.

The Resolution cancelled previously introduced temporary restrictions, with regard to:

  • Transactions in foreign currency of import operations without the importation of goods into the territory of Ukraine
  • Payments under import contracts, in respect of which customs clearance was done on the basis of import customs declaration, the date of issue of which exceeds 180 days

Thus, payments in foreign currency may be made by Ukrainian importers to meet their obligations to non-residents under the above import transactions.

The abovementioned changes alleviated the respective requirements of the NBU; however, additional restrictions with regard to payments for the services of non-residents were introduced. 

The previously established requirement foresaw applying the price evaluation act if the payment under the contract favoring non-residents exceeded €100,000; the Resolution has revised the value of the contract to €50,000.

Please note that all of the above amendments come in effect as of 3 November 2014.