On 7 June 2016 the Board of the National Bank of Ukraine (NBU)
adopted a new "anti-crisis" Resolution No. 342 (the
The Resolution was adopted to replace the earlier
"anti-crisis" Resolution of the NBU No. 140 dated 3 March
2016, as amended, that expired on 8 June 2016. As a general matter,
the Resolution partially prolongs the previously effective
anti-crisis measures and introduces some simplifications for
Among the introduced changes, we note the following:
The threshold for mandatory
conversion of foreign currency proceeds received from abroad into
Ukrainian hryvnia was decreased from 75 percent to 65 percent of
the amount received.
The NBU has now allowed repatriation
of dividends to foreign shareholders of Ukrainian companies for
2014 and 2015 in the amount not exceeding in each calendar month
the higher of (a) US$1 million (in equivalent); or (b) 10 percent
of all such dividends that should be paid to a shareholder but not
more than US$5 million (in equivalent) in each such calendar
The previous limit of 50,000 UAH
(expressed in foreign currency) per day for withdrawal of funds by
customers from their FX accounts was doubled to 100,000 UAH.
The previous limit of 500,000 UAH per
day for withdrawal of funds by customers from their accounts was
Customers are now allowed to purchase
foreign currency for cash in the equivalent of UAH 12,000 per
Among the prolonged measures we note the following continuing
The restriction on early repayment
under loan agreements between Ukrainian borrowers and foreign
creditors (subject to certain exceptions).
Restrictions for set-offs under
export agreements (subject to certain exceptions).
Prohibition on banks providing loans
in national currency (including prolongation of previously provided
credit lines), if such loans are secured by pledges of funds in
With certain exceptions, banks are
still prohibited from purchasing foreign currency for clients
(except for private persons), that have their own foreign currency
funds (either on current bank accounts or deposit accounts in
Banks are still prohibited from the
purchase and transfer of foreign currency to foreign investors in
certain cases concerning the sale of shares/corporate rights in
Ukrainian companies as well as the return of capital (e.g. a
decrease of a company's charter capital or the foreign
investor's withdrawal as a participant / shareholder in a
Certain restrictions have been
prolonged in respect of transactions for the purchase of precious
The Resolution comes into force on 9 June 2016, save for the
provisions on repatriation of dividends which will be effective
from 13 June 2016. The Resolution remains in force until 14
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variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
Nevertheless, a RAIF's investment policy is subject to certain risk diversification requirements laid down by the CSSF.
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