Considering requests from the banking community, the National Bank of Ukraine has expanded the list of grounds for completing currency supervision of export transactions of Ukrainian companies. As of 31 May 2025, banks will be able to complete said currency supervision based on funds credited to a company’s account with the bank:
- by a guarantor bank (non-resident) under a guarantee issued to ensure payment obligations for the export transaction
- by a guarantor bank (resident) under a guarantee issued to ensure payment obligations for the export transaction, provided that the guarantor bank has previously received foreign currency funds from a counter-guarantor bank (non-resident) against a claim under such counter-guarantee.
Amendments will streamline the legal framework for banks’ completing currency supervision of residents' compliance with settlement deadlines under export transactions that include guarantees/counterguarantees issued by foreign banks. This will foster broader use of such international bank instruments as guarantees and counterguarantees by Ukrainian exporters to ensure the receipt of funds. The latter, in turn, will help decrease currency proceeds not paid to Ukraine, if the non-resident counterparty defaults on export agreements.
These revisions were introduced by NBU Board Resolution No. 59 On Amendments to the Instruction on the Procedure for Currency Supervision by Banks of Residents’ Compliance with Settlement Deadlines on Export and Import of Goods dated 30 May 2025 and will come into effect on 31 May 2025.