The National Bank of Ukraine has tightened measures to prevent capital outflows to the Russian Federation.
From now on, the NBU will be authorized to refuse to issue individual licenses for some FX operations if the regulator establishes that the submitted documents contain information indicating that the participant or the person on behalf of whom or for the benefit of whom a financial transaction is conducted is a person domiciled in the country designated as an aggressor or occupant by the Ukrainian Parliament.
The Russian Federation was officially recognized as an aggressor by the Law of Ukraine On the Provision of Rights and Freedoms of Citizens and Legal Regime of the Temporarily Occupied Territory of Ukraine and Ukrainian Parliament Resolutions No 129-VIII of 27 January 2015 and No.337-VIII of 21 April 2015.
In pursuance of the aforementioned regulations, the regulator has amended the Instruction on the Rules Governing the Issuance of Individual Licenses for Investment Abroad , Regulation Governing the Issuance of Individual Licenses for Transferring Foreign Exchange Abroad to Pay for Investment Metals and Perform Certain FX Transactions, and the Regulation on the Rules Governing the Issuance by the National Bank of Ukraine of Individual Licenses Allowing the Residents (Legal and Natural Persons) to Deposit FX Valuables on Accounts Abroad.
The amendments to this effect have been approved by NBU Board Resolution No. 12 of 21 February 2017 On Amendments to Some NBU Regulations. The amendments shall come into effect from 23 February 2017.