Resolution of the NBU Amends Rules for Banking System during Martial Law, Specifically Regarding Currency Transactions for Defense Procurement
The main purpose is to regulate the mechanism of foreign currency purchase and settlements for contracts on procurement of defense-purpose goods from non-residents.
Structurally, the document amends the NBU Resolution No. 18 dated 24.02.2022, adding a new paragraph 6-2 and modifying existing paragraphs 12, 12-15, and 14. The key innovation is the introduction of a special mechanism for using escrow accounts for defense procurement.
Key innovations:
• The state customer service in the defense sphere receives the right to purchase foreign currency and transfer it to an escrow account for settlements with non-residents
• General restrictions on the terms of using purchased currency do not apply to such operations
• The list of permitted currency transactions for payment of judicial and arbitration fees by state-owned enterprises and companies with state participation has been expanded
• A procedure for returning unused currency from the escrow account through distribution accounts has been established
