The National Bank of Ukraine ("NBU") prolonged requirements for mandatory sale of 50% of international currency proceeds. The above requirement was temporarily introduced in November 2012 and subsequently toughened in November 2013. As of today, the term of requirement for mandatory sale shall be effective till 20 August 2014.

The requirement for mandatory sale of 50% foreign currency proceeds from abroad applies to: proceeds received by legal entities (except authorized banks), sole entrepreneurs, foreign representative offices (except official representative offices); proceeds received to accounts opened in authorized banks for conducting joint activity without incorporation of legal entity; foreign currency proceeds received to accounts of residents opened abroad under obtained NBU individual licenses. Moreover, abroad proceeds for the benefit of individuals in equivalent to 150,000 hryvnias per month are subject to mandatory sale as well.

Please note that the sale of foreign currency proceeds at interbank currency market is performed by authorized bank mandatorily (i.e. without client's instructions) not later than the day following the receipt of relevant proceeds.

The 90 Days Rule

The NBU has also prolonged requirement for execution of payments under export and import of goods within 90 calendar days.

The aforementioned amendments were made further to the following regulations of National Bank of Ukraine dated 12 May 2014: Resolution No. 270 "On Change Terms of Payments under Export and Import of Goods and Introduction of Mandatory Sale of Foreign Currency Proceeds" and Resolution No. 271 "On Establishment of Amount of Foreign Currency Proceeds Which are Subjects to Mandatory Sale".