The National Bank of Ukraine Introduces Changes to Cash Funds Transfer Procedure
over the Customs Border of Ukraine
On 25 July 2012, the Board of the National Bank of Ukraine (the "NBU") adopted Resolution No. 312 introducing amendments (the "Amendments") to the procedure of cash funds transfer into/out of Ukraine by the individuals and legal entities set forth in NBU Resolution No. 148. The Amendments were registered by the Ministry of Justice of Ukraine on 14 August 2012 and enter into force upon official publication.
The Amendments provide, inter alia, that:
- The non-resident individuals may bring into/out of Ukraine cash funds exceeding the equivalent of EUR 10,000 (the "Cash Funds") without supporting documents evidencing withdrawal of cash funds from the bank (financial institution) accounts (the "Supporting Documents"), but only on the basis of the written declaration submitted to the customs authority. However, in case of bringing the Cash Funds out of Ukraine, their amount shall not exceed the amount of the cash funds declared in writing for bringing into Ukraine;
- The pre-conditions for bringing the Cash Funds by the resident individuals into/out of Ukraine remain the Supporting Documents issued for a 30 days period and a written customs declaration;
- The legal entities, both residents and non-residents, acting through authorized representatives, have the right to bring into/out of Ukraine unlimited amounts of the Cash Funds upon written declaration submitted to the relevant customs authority.
The Amendments will significantly simplify the procedure of transfer of the Cash Funds over the customs border of Ukraine and will liberalize Ukraine's currency regulation regime.
For further information please contact senior partner Armen Khachaturyan
and associate Yuriy Radko