The National Bank of Ukraine has removed administrative restrictions on operations involving exports of services in accordance with Law of Ukraine No.1724-VIII On Amendments to Some Legislative Acts of Ukraine (On the Removal of Administrative Barriers for Exports of Services), which was passed by parliament on 3 November 2016 and came into effect on 3 December.

Earlier, the NBU amended the Guidelines Governing the Monitoring of Export/Import Operations, which simplified operations involving exports of services:

• from now on, residents that export services (except transportation and insurance services), intellectual property rights,  copyright and associated rights, will be exempt from the 120-day settlement deadline for these transactions;
• when submitting documents to the bank, exporters will not be required to translate  documents, including an invoice available in English or other foreign languages, into Ukrainian;
• also, banks will be allowed to use electronic copies of documents, including an invoice, to exercise foreign exchange control over export and import operations performed by residents.  To this end, a resident will be required to  photocopy an original document  and  certify it with a digital signature (for legal entities with a signature of an authorized person).

Amendments to this effect have been approved by NBU Board Resolution No.371 of 30 August 2016 On Approval of Amendments to the Guidelines Governing the Compilation of Registers by Authorized Banks.