Ukraine shortens terms for return of foreign currency earnings for agricultural exporters

The National Bank of Ukraine has reduced from 180 to 90 calendar days the deadlines for settlements on transactions for export of agricultural goods. The corresponding changes were approved by the NBU board resolution No 145 of November 10.

It comes into force on November 11.

The innovation concerns goods classified under the codes according to the UKT FEA: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soybean), 1205 (rapeseed), 0 (sunflower seeds), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil), 2306 (oil cake).

Previously, the deadlines for settlements for such operations made from April 5, 2022, were set at 180 calendar days.

“The corresponding decision was adopted on the proposal of the Cabinet of Ministers of Ukraine…. It is designed to strengthen the discipline of compliance with the subjects of foreign economic activity of the deadlines for settlements on operations for the export of goods and to ensure the return of foreign currency earnings in the established deadlines for settlements on certain operations for the export of goods,” – said the NBU.

We shall remind you that according to the NBU, Ukrainian exporters of agricultural products left about $3bn of their income abroad after the start of Russia’s full-scale invasion.

Tags: legislation, Ukraine, export