The National Bank has increased the deadlines for settlements for certain export-import operations
The National Bank of Ukraine has revised the settlement deadlines for certain export-import transactions, taking into account the Order of the Government of Ukraine No. 573-r dated June 21, 2024 "On Amendments to the Order of the Cabinet of Ministers of Ukraine No. 76 dated February 13, 2019".
First, the NBU cancels the payment deadlines for military and dual-use goods and equipment imported by executors of state defense procurement contracts. These changes also apply to the import of the relevant goods and equipment for the purpose of creating and/or expanding production capacities for the manufacture of defense goods within the framework of such contracts with state customers. It is envisaged that the executors of state contracts must be included in the electronic register of participants in the selection and execution of state contracts (agreements).
The NBU expects that these changes will create conditions for strengthening the resilience of Ukraine's national security and defense sector.
Second, based on consultations with representatives of agricultural companies and relevant ministries, the NBU is extending from 90 to 120 days the deadlines for settlements for exports of certain types of agricultural products made from July 12, 2024.
The goods in question are classified under the following codes according to UKTZED: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soybeans), 1205 (rapeseed), 1206 00 (sunflower), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil) and 2306 (oilcake).
The extension of the payment deadlines will help support domestic agricultural exporters, given the existing logistical challenges. In addition, it will expand their ability to develop new markets, particularly in Asia and Africa, which Ukraine needs in times of war.
At the same time, the deadlines for settlements for exports of certain types of agricultural products will remain 60 days shorter than for all other domestic exports (180 days). This will continue to improve the discipline of timely return of foreign currency earnings to Ukraine in the agricultural sector.
These changes were adopted by the Resolution of the Board of the NBU No. 84 "On Amendments to the Resolution of the Board of the National Bank of Ukraine No. 67 dated May 14, 2019" dated 09.07.2024, which will come into force on July 11, 2024.
The deadlines for settlements for exports of certain agricultural products will be as follows:
- 120 calendar days - for transactions carried out from July 12, 2024;
- 90 calendar days - for transactions carried out from November 11, 2023 to July 11, 2024 inclusive.
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