On 7 June 2016, the Board of the National Bank of Ukraine issued Resolution No. 339 thereby relaxing some  restrictions on FX transactions involving payment   for works,  services, intellectual property rights provided by nonresidents.

This resolution amends NBU Board Resolution No. 597, dated 30 December 2003, On Transferring Domestic and Foreign Currencies to the benefit of Nonresidents under Specific Operations and  the  Regulation on the Rules Governing the Issuance of Permits by the NBU for certain FX operations approved thereby. These amendments, inter alia, have:

а) Removed a requirement to obtain from the National Research and Information Center for Monitoring International Commodity Markets a respective certificate of expert pricing evaluation   confirming compliance of contract prices for works/services, intellectual property rights with market prices and freed residents from the need to seek approval by the NBU for the execution of certain FX transactions, including:

payments by resident borrowers in favor of the European Bank for Reconstruction and Development (EBRD) and the International Bank  for Reconstruction and Development (IBRD) under agreements on the preparation of projects in the public, municipal services and private sectors that could be potentially funded by these banks under agreements (other than loan agreements) with the EBRD and the IBRD;

payments by resident borrowers under contracts for the provision of works and/or services required for  IBRD- or the EBRD-funded  projects implemented under contracts concluded in line with the EBRD’s Procurement Policy and Rules;

b) Repealed a requirement for residents to have documents to be submitted to banks to perform trasactions involving payment   for works,  services, intellectual property rights provided by nonresidents and documents to be submitted to the NBU to be granted approval for the execution of  such FX transactions translated  into Ukrainian and notarized; 

c) Reduced the list of documents required to be submitted by a resident to the NBU to be granted approval for the execution of certain FX transactions involving payment   for works,  services, intellectual property rights provided by nonresidents.