The National Bank of Ukraine cancels some FX restrictions on imports and extends settlement deadlines for export and import transactions

On 7 July 2022 the Board of the National Bank of Ukraine issued Resolution No. 142 ("NBU Resolution No.142"), which amended Resolution No. 18 of the Board of the National Bank of Ukraine dated 24 February 2022 "On operation of banking system under martial law". NBU Resolution No.142 aims to  align the applicable currency rules with the latest amendments to the resolutions of the Cabinet of Ministers of Ukraine, which effectively abolished the concept of critical import of goods.

Until now, the list of critical imports was determined by Resolution of the Cabinet of Ministers of Ukraine No.153 dated 24 February 2022, and the purchase and cross-border transfer of currency were limited by the National Bank of Ukraine mainly to the purchase of the respective category of goods. The mentioned list of critical imports required frequent adjustment and refinement by the Government in order to meet the urgent needs of business and the state.

Currently, the latest amendments to Resolution of the Cabinet of Ministers of Ukraine No.153 introduced on 7 July 2022 essentially allowed the import of all goods without exception, and expanded the list of services, works, intellectual property rights, and other intangible rights, which import enables the purchase and cross-border transfer of currency (such an updated list is set out in Resolution of the Cabinet of Ministers of Ukraine No.761 dated 7 July 2022). At the same time, it should be noted that the list of services and works, for the payment of which the purchase and cross-border transfer of currency is allowed, still looks selective and, probably, by analogy with the list of critical imports, it will undergo adjustment taking into account business needs and situation on the foreign exchange market.

Notably, the latest amendments still prohibit payments under most financial transactions, which effectively prevents drawing foreign financing by the Ukrainian companies.

Also, NBU Resolution No.142 extends settlement deadlines under export and import transactions from 120 to 180 days. The respective decision seeks to support Ukrainian companies by strengthening their capacity at the time when they have logistical problems with exporting and importing goods caused by the war. The new settlement deadlines will apply to the residents' exports and imports conducted after 5 April 2022. As before, settlements under operations that took place before 5 April must be made within 365 days.

In addition, NBU Resolution No.142 provides for a reduction from 10 to 2 business days of the deadlines for the use of foreign currency purchased by residents after 11 July 2022. The relevant restriction shall not apply, in particular, to the purchase of foreign currency by residents carrying out mobilization, as well as by certain state authorities.

The respective amendments introduced by NBU Resolution No.142 took force on 9 July 2022.

For more information, please contact Asters` Partner Pokanay Iryna, Counsel Aslanian Gabriel, and Senior Associate Bondarenko Inna.

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