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NBU Revises Settlement Deadlines For Some Export Transactions

NBU Revises Settlement Deadlines For Some Export Transactions

The NBU has set the deadlines to 90 calendar days for settlements under export transactions conducted after 11 November 2023. The deadlines apply to goods that are assigned the following codes of Ukrainian Classification of Goods for Foreign Economic Activity (UCGFEA): 1001, 1002, 1003, 1004, 1005, 1201, 1205, 1206 00, 1507, 1512, 1514, and 2306.  As previously reported, the settlement deadlines for transactions executed since 5 April 2022 were set at 180 calendar days.

The relevant decision was approved at the request of the Cabinet of Ministers of Ukraine as per its Ordinance No. 76 On Approval of the List of Goods and/or Sectors of the Economy for Which the National Bank of Ukraine Has the Right to Establish Exceptions and/or Specifics of Introduction of the Safeguard Stipulated by Article 13 Part One Indent One of the Law of Ukraine On Currency and Currency Operations dated 13 February 2019 (as amended). The decision is intended to strengthen the discipline of compliance with the settlements deadlines for export transactions by entities of foreign economic activities and to ensure the return of FX earnings within the established deadlines for settlements on some transactions to export goods.

The respective changes were approved by NBU Board Resolution No. 145 On Amendments to Resolution No. 67 On Setting Exemptions and/or Specific Settlement Deadlines for Transactions to Export and Import Goods and on Amendments to Certain Regulations dated 14 May 2019 dated 10 November 2023 (as amended), which shall take effect from the day following the day of its official publication. 

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