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Сurrency transactions and foreign trade settlements with non-residents as of the end of 2023: Deregulation in some cases and tightening the screw in others

12 December, 2023 Newsletters

During martial law, the main regulatory act that regulates settlements in foreign economic activity is Resolution of the National Bank of Ukraine No. 18 “On the operation of the banking system under martial law”. It sets restrictions on cash withdrawals, currency purchases, and international settlements, as well as separately – on settlements with persons related to Russia or Belarus. Since October 3, 2023, the fixed exchange rate of the hryvnia previously provided for by this resolution has been canceled. The purchase of foreign currency and currency transfers abroad continues to be regulated according to the principle “anything that is not expressly permitted is prohibited”. But there are dozens of exceptions to the general ban for specific cases. The settlement terms for the export and import of goods worth more than the equivalent of UAH 400,000 are 180 calendar days (except the export operations with some agricultural products where the indicated term is 90 calendar days). Settlements with persons related to Russia or Belarus are generally prohibited, but there is a number of exceptions.

The full version of the article is available in Ukrainian by the link.

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