On 1 May 2014, the Resolution of the Board of the National Bank of Ukraine ("NBU") "On Adjustment of Activity of Financial Institutions and Execution of Currency Transactions", dated 29 April 2014, no. 245 (the "Resolution 245") came into effect. This Resolution supersedes the Resolution of the Board of the NBU "On Adjustment of Activity of Financial Institutions and Execution of Currency Transactions", dated 28 April 2014, no. 172 (the "Resolution 172"), which is no longer effective. Resolution 245 will be effective until 1 June 2014.
Resolution 245 establishes the following principal currency control restrictions applicable to business and individuals resident in Ukraine:
- Pre-payment of loans in foreign currency by residents obtained from non-residents is prohibited. This prohibition includes instances of repayment pursuant to an additional agreement reducing the initial repayment term. The NBU will not issue registration certificates for such additional agreements.
- The following limitations on individuals transferring foreign currency out of Ukraine have been established:
- Transfers without supporting documents (except the required confirmation regarding sources of funds) - not more than UAH 15,000 per month.
- Transfers on the basis of supporting documents - UAH 15,000-150,000 per month.
- expenses for medical treatment in foreign countries, including transportation expenses,
- expenses connected with person's death abroad,
- transfers performed on the basis of judgments, decisions, rulings and orders issued by courts, as well as investigators and other law enforcement agencies;
- transfers performed by persons moving abroad for permanent residence,
- expenses for education,
- transfers received as wages to non-residents in Ukraine, pensions, alimony payments.
- One private person may purchase foreign currency cash in an amount not exceeding an equivalent of UAH 15,000 in one banking institution per one day.
- One private person may sell foreign currency cash in an amount not exceeding an equivalent of UAH 150,000 without submitting identification documents.
- The issuance of foreign currency cash from current and deposit accounts through cash desks and ATMs is limited to UAH 15,000 per day per one customer.
- The issuance of new deposit certificates has been suspended. The redemption of previously issued deposit certificates is to be performed exclusively by transferring funds to the bank account of the certificate holder.
- Early repayments of deposits and early redemptions of deposit certificates in foreign currency must be done in UAH using the FX rate applicable at the date of repayment.