Currency and payment options in the peninsula

The Main Directorate of the National Fiscal Service in Kyiv city explains some provisions set out in article 12, par. 8 of the Law of Ukraine dd. August 12, 2014, under No.1636 – VII On Crimea Free Trade Zone and specificity of business in the temporary occupied territory of Ukraine, the press-office of the National Fiscal Service reports.

Until the legal regime on the temporary territory is effective, currency and payment regimes are introduced in view of the following:

 1) the NBU system of electronic payments and national payment systems, the payers of which are residents of Ukraine, are not used in the temporary occupied territory of Ukraine;

 2) to transfer the currency of the occupant country in cash through the administrative border of the Crimea Free Trade Zone is prohibited, except if the amount transferred by natural persons does not exceed 10000 hryvnias, provided that this money is declared to a customs officer;

 3) to take credits (deposits) in the territory of Ukraine and/or issue loans (credits) in the currency of the occupant country is prohibited;

 4) the National Bank of Ukraine can introduce a special procedure for import of currency in  cash through other cross-border points of Ukraine and/or a special procedure for exchange of the currency of the occupant country for hryvnia in other locations in Ukraine, to restrict or prohibit the said foreign exchange for the period of temporary occupation;

 5) currency reserve of Ukraine cannot include the currency issued by the occupant country or securities (other debt instruments) expressed in the mentioned above currency.