Further liberalisation of currency control

The National Bank of Ukraine (the “NBU”) by its Resolution No. 372 dated 18 August 2016 further relaxed currency control rules by cancelling certain restrictions.

A noteworthy change includes cancellation of the price evaluation act requirement for payments pursuant to contracts for works, services and intellectual property rights. Until recently, payments by Ukrainian residents for works, services and intellectual property rights under contracts with non-residents in an amount exceeding EUR50,000 (or the equivalent in any other currency) could be made only after obtaining a price evaluation act from the State Commodities Markets Monitoring Agency confirming the fair contractual value of such works, services or intellectual property rights. For many companies this was very difficult or even unachievable in practice.

The abovementioned development became effective on 19 August 2016.

In addition, the NBU has introduced certain changes aimed at facilitation of document work flows during registration of cross-border loan agreements with the NBU, allowing submission of necessary documents in electronic form.

If you would like to receive further information in connection with the above, please contact Olexiy Soshenko or Dmytro Fedoruk.