The central bank of the Ukraine has introduced new rules making cash settlement onshore for all types of foreign settlement obligatory.
According to a Bank Austria Creditanstalt (BA-CA) spokesman in Kiev, the National Bank of Ukraine (NBU) has introduced new procedures for foreign investment in Ukraine and the repatriation of investment income, and other revenues received from Ukraine.
“In accordance with the procedure, non-residents’ investment activities in Ukraine can be made only from non-residents’ cash accounts opened with Ukrainian banks – or so called “investor’s accounts,” says the spokesman. “The regulation also stipulates that foreign investment in Ukraine is done on the basis of an agreement.”
The new procedures come into force on Friday 12 November 2004.