IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

Yes

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 29 Jul 2016 | Removal date: open ended
Still in force

Trade payment measure

In particular, the amendments envisage an increase of the deadline for the settlement of transactions on exports and imports of goods from 90 calendar days to 120 calendar days. These particular liberalisation changes are to remain in force until 14 September 2016.

In addition, with the same legal act, the Nation Bank of Ukraine eases the conditions for exclusive use of letters of credit (LC) by banks as a payment method. Concretely, while previously banks were obliged to use LCs if the contract surpassed 500 000 USD, in the future, they have to use it only for transactions that surpass 1 000 000 USD. This change is also liberalising because it implies less bank commission fees.

 

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

711 Financial, insurance & pension services, excl. investment banking

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