The National Bank of Ukraine has amended its currency supervision framework to let banks complete currency supervision of Ukrainian companies’ export transactions based on proceeds credited under specified bank guarantee and counter-guarantee arrangements, effective 31 May 2025. Banks may now complete supervision when funds are credited to the exporter’s account by a non-resident guarantor bank under a guarantee securing payment obligations for the export transaction, or by a resident guarantor bank under such a guarantee provided the resident guarantor bank has previously received foreign currency funds from a non-resident counter-guarantor bank against a claim under the counter-guarantee. The changes, introduced via amendments to the Instruction on banks’ currency supervision of residents’ compliance with settlement deadlines on export and import of goods, are intended to streamline treatment of export transactions involving guarantees and counter-guarantees issued by foreign banks and to support wider use of these instruments.
National Bank of Ukraine 2025-05-30
National Bank of Ukraine expands grounds for banks to complete currency supervision of export transactions using guarantee payments
The National Bank of Ukraine has revised its currency supervision framework, allowing banks to complete supervision of export transactions based on proceeds credited under specific bank guarantee and counter-guarantee arrangements, effective 31 May 2025. This amendment aims to streamline the handling of export transactions involving guarantees and counter-guarantees from foreign banks, promoting broader use of these instruments.