The National Bank of Ukraine has streamlined the requirements on certain foreign exchange transactions introduced by NBU Board Resolution No 124, dated February 23, 2015 On Details of Some Foreign Exchange Transactions.

From now on, the requirement obliging banks to use the letter of credit payment method for settlements under import contracts exceeding USD 500,000 shall not apply to purchases of life-sustaining goods (oil, petrol, diesel fuel, pharmaceuticals for hemodialysis and oncology treatment, etc.) that are imported under direct contracts with producers, as well as military goods.

Commenting on amendments to the resolution, Director of the NBU Open Market Operations Department Oleh Churiy said: "The decision to make exceptions from the general rules governing foreign exchange transactions involving purchases of life-sustaining goods was adopted following a series of consultations with importers and bankers in an effort to ensure the smooth import of these goods into Ukraine".

The aforementioned decision was enacted by NBU Board Resolution No 222, dated April 9, 2015 On Amendments to NBU Board Resolution No 124, dated February 23, 2015, which enters into force from April 10, 2015.