Procedure For Use Of AAUs Sale Proceeds

Earlier this year, the Cabinet of Ministers of Ukraine adopted a procedure for the allocation of the proceeds received from the sale of Assigned Amount Units (AAUs).

The resolution provides the necessary legal framework for the use of funds originating from the sale of Ukrainian AAUs and sets a procedure for the transfer of these funds out of the state budget. It also lists the activities eligible for funding. The procedure, though, does not clarify the process of selection of particular projects, but sets limits on the amount of funds that may be used for infrastructural and administrative purposes.

The main provisions of the procedure include the following:

• The Treasury of Ukraine shall open and maintain special-purposed foreign currency accounts in the State Export Import Bank of Ukraine for each of the agreements for the sale of AAUs executed by the National Environmental Investment Agency of Ukraine (NEIA). The Ministry of Environmental Protection of