The National Bank of Ukraine ("NBU") continues to
implement anti-crisis measures aimed at stabilizing the situation
in the money and foreign exchange market of Ukraine.
On 13 December 2016 the NBU released the next round of
This note gives short summary introduced by NBU recently in
respect of cross-border transactions involving Ukrainian borrowers
and supported by foreign export-credit agencies listed on the
official web-page of Organisation for Economic Cooperation and
Development, OECD ("ECAs").
In particular, in cross-border transactions of Ukrainian
borrowers, that are supported by ECAs:
Ukrainian borrowers are allowed to pay transaction-related
costs (including ECAs' fees) to a foreign lender at the expense
of loan funds abroad without channeling money into Ukraine,
provided such foreign lender is a bank registered in a state with
the credit rating of A, confirmed by either Fitch Ratings, Standard
& Poor's or Moody's.
All payments made by a Ukrainian borrower to a foreign lender
in order to indemnify the latter against actual costs payable as a
compensation for ECAs' services (fees, premium, commissions,
etc.) will not be included into calculation of the maximum interest
rate applied by the NBU to cross-border loans.
Foreign currency funds under loans to Ukrainian borrowers by
foreign bank or covered by ECAs, provided by means of payment
towards foreign exporter in discharge of obligations of Ukrainian
borrower under foreign economic contract (without crediting such
funds to an account of the borrower in Ukraine), shall be excluded
from mandatory conversion into UAH.
Early repayment of ECAs' backed cross-border loans is
Transfer of foreign currency under individual licenses issued
by the NBU to make payments under guarantees/suretyships securing
ECAs' backed cross-border loans is allowed.
We continue to monitor further developments and will keep you
Sources: Regulation of NBU No. 410 dated 13
December 2016 "On regulation of the situation in the money and
foreign exchange markets of Ukraine."
Regulation of NBU No. 404 dated 22 November 2016 "On
Approval of Amendments to Regulation 'On Receiving Foreign
Currency Loans by Residents from Non-Residents and Providing
Foreign Currency Loans by Residents to
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