The current Regulation follows Regulation No. 245 which was in effect till 1 June 2014 and imposed restrictions on prepaying loans under loan agreements with non-residents and carrying out transfers for non-commercial operations.

 Banks in Ukraine shall follow the instructions below set by the adopted Resolution:

1. To prohibit residents to prepay loans under loan agreements with non-residents in foreign currencies including when entering into an additional agreement. This requirement applies to prepayments of credit/loans, and for other charges imposed by a loan agreement.

2. On behalf of individuals from Ukraine to carry out transfers in a foreign currency for current non-commercial operations:

 - without supporting documents from a current account in foreign currency – not more than UAH 15,000 per month. Individuals obliged to perform such transfers on the basis of documents confirming the sources of funds;

 - from a current account in a foreign currency – an amount exceeding UAH 15,000 but not more than UAH 150,000 per month. Resident individuals are engaged in such transfers solely on the basis of supporting documents.

 The above mentioned provisions on the amount transferred shall not apply to:

 - cover the costs of treatment in medical institutions of another country, and to cover the costs of transporting patients;

 - cover the costs of a death abroad (travel expenses and funeral expenses);

 - transfers carried out by judgments, decisions, court rulings and orders, law enforcement agencies;

 - transfers carried out by persons while traveling abroad for permanent residence;

 - cover the costs of training;

 - remittances received as salaries of non-residents in Ukraine, pensions and child support.

3. To allow to make transactions for the sale of foreign currency in cash to one person in one operation (working) day in an amount not exceeding the equivalent of UAH 15,000 within a banking institution.

4. To limit cash payments in the national currency from the current and deposit   accounts of the clients in an amount not exceeding UAH 150,000 per day for one client. The current provision does not apply to cash payments for salaries, business trips, maintenance allowances, pensions, and other social payments (excluding material assistance).

On 12 May 2014 the National Bank of Ukraine (the NBU) adopted Regulation “On Change of Payment Terms under Transactions of Export and Import of Goods and Implementation of Compulsory Sale of Foreign Currency Proceeds” No. 270 (Regulation No. 270) which became effective on 20 May 2014.

Regulation No. 270 aims to ensure the further stability of the foreign exchange market in Ukraine and extends the following restrictions and limitations previously imposed by NBU Regulation No. 453 dated 14 November 2013:

 - The 90-day term of payment under export and import transactions;

 - The requirement for the mandatory sale of 50% of the total sum of foreign currency  proceeds from abroad to legal entities and entrepreneurs;

 - The requirement for the mandatory sale of foreign currency transactions from abroad to individuals  (both  resident  and  non-resident)  in  an  amount  equal  to  or  exceeding the equivalent of UAH 150,000 per month.

Regulation No. 270 remains in effect until 20 August 2014.