Board of National Bank of Ukraine 16 September 2013 adopted Resolution № 364 "On amendments to some legislative acts of the National Bank of Ukraine", whereby amending Instruction on the Procedure of control over export, import operations, approved by the resolution of the Board of National Bank of Ukraine of 24.03.99 № 136, registered in the Ministry of Justice of Ukraine 28.05.99 under № 338/3631, as amended (hereinafter - Instruction № 136)

Amendments to Instruction № 136 are introduced in order to align it with the Procedure for identifying terms and conditions for completion of import operations without importation of goods into the territory of Ukraine, approved by the Cabinet of Ministers of Ukraine of 05.12.2007 № 1392 (as amended), as regards completion of transactions with goods that are abroad.

"According to the current legislation and its functions and powers, Banks exercise control over foreign exchange transactions of their customers, including those related to compliance with the terms of payment for foreign trade transactions. Said control is defined by norms of Instruction № 136. Recent amendments adopted by the National Bank of Ukraine to some extent improve procedures of banks exercising control over operations of imports, especially imports without importing goods into the territory of Ukraine.

In addition, Instruction № 136 is more precise in regulating the procedure of banks' control over import operations of supplies of goods to residents, whose ownership was acquired by non-residents in the territory of Ukraine from other subjects (non-residents, residents).

Under Instruction № 136 authorized banks cease control of import operations of customers the presence of information about these transactions in registers customs declaration if the goods are imported into the territory of Ukraine, or on the basis of other documents as per appropriate treaties.

Upon entry into force of the above amendments, authorized banks will be able to cease control of import operations without the importation of goods into the territory of Ukraine, only if there is information on receipt of funds from the sale of these products outside Ukraine, or use of imported goods outside Ukraine for purposes.

In all other cases, the authorized bank shall notify the tax authority of implementation of such operation. In this way it will be able to remove control of this operation only after obtaining information from tax authorities that the customers have not violated legislative norms.

This Resolution is registered by the Ministry of Justice and shall take effect from the date of its publication.