The National Bank of Ukraine (the “NBU”) has adopted the Resolution dated 30 October 2014 No. 685 “On introducing certain amendments into the regulations of the National Bank of Ukraine” (the “Resolution 685”). Resolution 685 has withdrawn certain foreign currency restrictions previously introduced by the NBU in Resolution No. 540 dated 29 August 2014 in an attempt to limit outflow of funds from Ukraine.

Starting from 3 November 2014 the following foreign currency transfers out of Ukraine will become available again:

• payments for goods (including services) imported without physical delivery of such goods to the territory of Ukraine; and
• payments for imported goods cleared by Ukrainian customs authorities (if such payment is to be made more than 180 days after the date of relevant customs declaration).

At the same time, Resolution 685 introduces certain other rules and restrictions applicable to foreign currency operations. In particular, Ukrainian banks are now required to carry out more intensive currency control analysis with respect to purchase of FX funds by their clients on the basis of agreements submitted to the bank for the first time.

In addition, the NBU has tighten another existing requirement applicable to cross-border payments for works and services. Specifically, from 3 November 2014, the Ukrainian residents are required to obtain a price evaluation act from the National Research and Information Center for Monitoring International Commodity Markets (the “DZI”) certifying the conformity of the contractual price for services to be paid to the actual market prices, provided that the total amount of such works/services exceeds the equivalent of Euro 50,000. Previously, this threshold was Euro 100,000. Such requirement, however, does not capture transfers of charitable donations by the charity organisations and payment by the Ministry of Healthcare of Ukraine for medical treatment abroad on the basis of documents confirming the necessity of such medical treatment.