Foreign Currency And Investment Regulation Toughen

On 19 November 2009, the President of Ukraine signed Law No. 1533-VI which was adopted by the Parliament of Ukraine on 23 June 2009. The Law will come into force upon its official publication and will introduce certain temporary restrictions with respect to foreign currency and foreign investment matters . In particular, the Law provides for the following restrictions that would be applicable until 1 January 2011:

• domestic loans may be granted in local currency only, except for loans for medication and study purposes abroad;
• Ukrainian residents may not amend foreign currency loan agreements with non-residents if the amendments will shorten the maturity date or lead to early repayment;