Deadlines for Import-Export Settlements Abolished

The National Bank of Ukraine (further the “NBU”) has approved NBU Board Directive No. 67 dated May 14, 2019. This directive sets out exceptions and/or particular characteristics to introduce deadlines for import-export transactions and amends certain regulations by simplifying currency control over compliance with deadlines for settlements for export of work, services and intellectual property as well as for certain import-export transactions.

From May 16, 2019 onwards, the following transactions will no longer be subject to the deadlines for import-export transaction settlements, i.e. 365 days:

1. Import of goods under state contracts for defense orders;
2. Import of services or medicines under transactions between the Ukrainian Ministry of Health and specialized organizations as well as import of services for treatment of people with rare (orphan) diseases;
3. Import of goods used for manufacturing space and aeronautical equipment and units;
4. Import-export of goods under production sharing agreement;
5. Export of works, services (except transport and insurance services) and intellectual property rights.

Currency control over these transactions has been simplified by Decree No. 76r issued by the Cabinet of Ministers of Ukraine on February 13, 2019 approving the list of goods and/or sectors of the economy for which the National Bank is entitled to set out exceptions and/or particular characteristics to introduce protection measures provided for in Article 13(1(1)) of the Law of Ukraine On Currency and Currency Transactions and consultations held with the Ministry of Economic Development and Trade.