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7 June 2022

Central bank extends the statutory deadline for the repatriation of export proceeds. It cites a need to help businesses to deal with the supply-chain disruptions occasioned by the war. 

Ukraine’s central bank has extended the deadline for the repatriation by Ukrainian residents of proceeds from the export of goods and services. It has now been lengthened from 90 to 120 days. The move is meant to help exporters to adjust to the supply-chain disruptions brought about by the hostilities. The new rule will retroactively affect all transactions made after 5 April 2022.

Under Ukrainian law export proceeds must be paid into Ukrainian banks within a set time. Before 4 April 2022 the relevant period had been 365 days. Businesses failing to comply with the rule are subject to fines and other penalties. 

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