NBU Revises Settlement Deadlines for Some Export and Import Transactions

The NBU has revised its settlement deadlines for certain export and import transactions pursuant to the Cabinet of Ministers of Ukraine’s Ordinance No. 573-D On Amendments to Ordinance No. 76 of the Cabinet of Ministers of Ukraine dated 13 February 2019 dated 21 June 2024.

First, the NBU is canceling the settlement deadlines for military and dual-use goods and equipment imported by contractors under state defense procurement contracts. These changes also apply to imports of said goods and equipment for the purpose of creating and/or expanding production capacities to manufacture defense goods under such contracts with government clients.  Contractors eligible for government contracts must be included in the electronic register of bidders for and winners of government contracts (agreements).

The NBU is expecting said changes will set the stage for strengthening the resilience of Ukraine’s national security and defense sector.

Second, based on consultations with representatives of agribusiness and relevant ministries, the NBU is extending from 90 to 120 days the settlement deadlines for transactions made on and after 12 July 2024 to export certain types of agricultural products. This applies to the goods assigned the following UCGFEA codes: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soy), 1205 (rape), 1206 00 (sunflower), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil), and 2306 (cake).

The deadlines extension will help domestic agricultural exporters meet existing logistical challenges. This change will also improve these companies’ chances to tap into new sales markets, specifically those of Asia and Africa, a valuable opportunity for Ukraine as it works to meet its wartime needs.

However, the settlement deadlines for transactions to export certain types of agricultural products will remain 60 days shorter than those for other Ukrainian-made goods that are exported (180 days). This will further discipline agricultural exporters by encouraging them to return their FX earnings to Ukraine on time.

The amendments were approved by NBU Board Resolution No. 84 On Amendments to NBU Board Resolution No. 67 dated 14 May 2019 dated 9 July 2024, which takes effect on 11 July 2024.