Simplified Review Process For Foreign Exchange Transactions In Ukraine

Tight controls no longer apply to foreign financial transactions between Ukrainian resident companies and the top 2000 largest public companies in the world, following new rules laid down by the National Bank of Ukraine.

According to Ukrainian currency control requirements, banks are obliged to review and verify supporting documentation and information on all foreign transactions whenever local companies receive funds from abroad or transfer money to non-residents under foreign economic contracts. The new rules mean that operations under the agreements concluded between Ukrainian residents and international companies listed in the Forbes Global 2000 ranking – or their subsidiaries or affiliates – are now exempt from such detailed scrutiny.