On 22 September 2014, the National Bank of Ukraine (the "NBU") issued Regulation No. 591 (the "Amendments"), introducing amendments, inter alia, to NBU Regulation No. 515 dated 20 August 2014 (“Regulation No. 515”). You may find our analysis of Regulation No. 515 in our recent Law-Now article.

The Amendments decrease the requirement for the mandatory sale of foreign currency proceeds received from outside of Ukraine from 100% to 75%. According to the NBU, the Amendments have become possible due to the positive consequences of anti-crisis foreign currency measures previously applied by the NBU. The liberalisation introduced by the Amendments should ease the day-to-day activities of businesses in Ukraine and enable them to fulfil their current foreign currency obligations.

Alongside the above mentioned liberalisation for businesses, the Amendments strengthen foreign currency control for individuals. The purchase of foreign currency by individuals is now limited to the equivalent of UAH 3,000 per business day from the same banking institution (compared to the previous limit of UAH 15,000). However, this limit does not apply to the purchase of foreign currency by residents of Ukraine for the purposes of repayment under loan agreements entered into with Ukrainian banks.

The Amendments become effective on 23 September 2014.

Legislation: NBU Regulation "On Amendments to Certain Regulations of the National Bank of Ukraine" No. 591 dated 22 September 2014.