On November 5, 2014, NBU Board Resolution No. 699, dated November 3, 2014 "On the application of certain provisions of the foreign exchange laws under the regime of temporary occupation of the territory of the free economic zone Crimea" (hereinafter – Resolution No. 699), which was adopted in accordance with the requirements of the Law of Ukraine No.1636-VII, dated August 12, 2014, “On the creation of the free economic zone “Crimea” and on the peculiarities of economic activities on the temporarily occupied territory of Ukraine” (hereinafter – the Law), came into force.

Resolution No. 699 establishes the peculiarities of application of certain provisions of the foreign exchange laws under the regime of temporary occupation of the territory of the free economic zone Crimea. In particular:

• it is determined that for the purposes of application of the NBU regulations individuals residing in/ legal entities registered in the territory of FEZ Crimea shall be equated to non-residents and under investment operations – to foreign investors;
• it is specified that  agreements entered into between the economic entities located or registered in the Crimea and those in mainland Ukraine, for the purposes of application of the NBU regulations, shall be equated to foreign economic contracts (agreements);
• it is established that funds transfers (payments) from the mainland Ukraine to the Crimea or from the Crimea to the mainland Ukraine shall be carried out in hrivnias or the foreign currency included in the 1st or 2nd group of the foreign currency and banking (investment) metal classification in accordance with the procedure specified in NBU regulations governing funds transfers outside Ukraine/to Ukraine;
• residents of Ukraine shall be prohibited to invest in the investment objects located or registered in the Crimea;
• it is stipulated the procedure of fulfillment of obligations by the Crimean entities under loan agreements serviced in the authorized banks;
• it is prohibited to attract deposits and/or extend loans in Russian roubles in the mainland Ukraine;
• it is forbidden to move cash Russian roubles across the administrative border of the free economic zone Crimea. This prohibition shall not apply to individuals bringing cash Russian roubles in an amount not exceeding the equivalent of UAH 10,000 into the mainland Ukraine;
• In addition, Resiolution No. 699 contains the provision obliging Ukrainian banks to suspend transactions on accounts of legal entities registered in the territory of FEZ Crimea if these accounts were opened before the entry into force of the Law and to take measures to close these accounts.

During the validity period of Resolution No. 699, other NBU regulations remain in force as long as they do not run contrary to this Resolution.