Parliament Allows Payments in Hryvnia in Cross-Border Trade

On 20 December 2011 the Ukrainian Parliament amended the Decree of the Cabinet of Ministers "On the System of Currency Regulation and Currency Control" allowing payments in hryvnia in commercial transactions between Ukrainian residents and non-residents without obtainment of individual license of the National Bank of Ukraine and obliging the latter to adopt implementing regulations regarding the payment mechanism in hryvnia within three months.

The amended commercial settlement rules are apparently directed at liberalization of Ukraine's strict currency control regime. The new rules will take effect upon their promulgation by the President of Ukraine and following official publication.

For further information please contact
senior partner Armen Khachaturyan or associate Yevgen Kravtsov.

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