With effect from 23 September 2014, the National Bank of Ukraine (NBU) introduced a number of additional contingency measures related to certain foreign trade and investment transactions and, at the same time, relaxed previously introduced rules on the mandatory sale of foreign currency proceeds. The NBU has prohibited the following transactions in foreign currency:
Foreign investors are entitled to receive the purchase price for securities or corporate rights, or dividends in foreign currency, on their investment accounts in Ukraine. However, such proceeds can not be transferred abroad. The National Bank of Ukraine reduced the maximum amount of foreign currency that one bank can sell in cash per capita a day from the equivalent of UAH15,000 to UAH3,000. This restriction does not apply if the foreign currency is purchased to repay loans denominated in foreign currency. For a discussion of these measures and actions that companies can take, please see the Legal Alert: “NBU Limits Foreign Currency Transactions But Eases Compulsory Sale Rules” prepared by Ihor Olekhov, a Partner in our Kyiv office. |