The National Bank of Ukraine (NBU) has brought its requirements in line with the Decision of the National Security and Defense Council of Ukraine (NSDC) On the Application and Amendment of Personal Special Economic and Other Restrictive Measures (Sanctions) dated 21 June 2018 that was introduced by Presidential Decree No. 176/2018 dated 21 June 2018.
In particular, pursuant to paragraph 4* of this Decision the NBU has prolonged the mechanism for the implementation of NSDC sanctions by banks, non-bank institutions, national postal services provider, and payment institutions.
Furthermore, the NBU allowed entities subject to the sanction “preventing the capital outflow from Ukraine” to meet their liabilities to Ukrainian counterparties, as well as conduct mandatory payments to the budget, payment of wages, etc.
The respective amendments were approved by NBU Board Resolution No. 73 On Amendments to NBU Board Resolution No. 654 dated 1 October 2015 dated 3 July 2018. The amendments shall enter into effect on 4 July 2018.
*Paragraph 4 of the Decision of 21 June 2018 provides for the Cabinet of Ministers of Ukraine together with the Security Service of Ukraine and the NBU to implement and monitor the effectiveness of personal special economic and other restrictive measures (sanctions) imposed on entities, as set out in paragraph 2 of this Decision.