Settlement deadlines under export-import contracts for which a penalty shall be imposed in case of violation: 180 or 365 days?
A penalty of 0.3 % for each day of delay in export-import operations may be applied only in the event of a violation of the time limits established in accordance with Part 5 of Article 13 of the Law of Ukraine "On Currency and Currency Operations" (the Currency Law) as a safeguard measure introduced by the National Bank of Ukraine (the NBU).
The term of 365 calendar days is the term established in accordance with the Currency Law in particular by the Regulation on Safeguards and Procedures for Certain Transactions in Foreign Currency, approved by Resolution No. 5 of the NBU as of January 2, 2019 (the Regulation on Safeguard) which was adopted to implement the provisions of the Currency Law.
The 180-day period established by Resolution No. 18 of the NBU as of February 24, 2022, "On Operation of Banking System under Martial Law" (Resolution No. 18) doesn’t based on Article 13 of the Currency Law but was introduced under the special powers of the NBU during martial law (in particular pursuant to Article 7 of the Law of Ukraine "On the National Bank of Ukraine").
In its Resolution as of March 13, 2025, in case No. 560/19941/23, the Supreme Court of Ukraine concluded that the 365-day period defined by the Regulation on Safeguard constitutes the period established in accordance with the Currency Law. Therefore, it can be concluded that a penalty may currently be applied only for violation of this specific 365-calendar-day period established in accordance with the Currency Law.
The restrictions under Resolution No. 18 concerning the 180-day period remain in force; however, a penalty under Part 5 of Article 13 of the Currency Law may not be applied for their violation. At the same time, the NBU Resolution No. 18 is addressed to banks, which are required to ensure compliance with the restrictions set out in this resolution, but without the application of sanctions explicitly provided for by the Currency Law.
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