ANNOUNCED AS TEMPORARYNo
Controls on credit operations
National Bank of Ukraine (NBU) Board Resolution No. 404 affects international trade relationships which involve export credit loan agreements in which participate the following parties: (1) a non-resident creditor, (2) an export credit agency (ECA) and (3) a resident (Ukrainian) borrower (which may be a company and a financial institution).
NBU Board Resolution No. 404 stipulates that loan servicing costs paid by the resident (Ukrainian) borrower shall not include expenses, such as premiums, commissions, and charges, paid by the resident to reimburse the non-resident's actual expenses for services provided by the ECA as international intermediaries. A prerequisite in order this exemption to take place is the ECA to be included in a list, published by the Organization for Economic Co-operation and Development (ОЕСD). This list is available at: http://www.oecd.org/trade/xcred/eca.htm.
The official NBU press release clarifies that this state intervention "will expand the opportunities for residents to access foreign loans provided through the intermediation of an ECA".
NBU Board Resolution No.404 of 22 November 2016 comes into effect on 30 November 2016.
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