You're reading: Ukrainian companies to be able to return funds from Crimea with the help of foreign banks

Ukrainian companies will be able to return funds from Crimea under agreements signed via correspondent accounts opened by Ukrainian banks in foreign banks.

The explanation is given in a letter of the National Bank of Ukraine (NBU) of Sept. 15 (No. 29-213/51623).

‘With the purpose of ensuring the receiving of funds for products, labor and services under agreements with contractors from Crimea by residents under the conditions of the temporary occupation of the territory of Crimea, banks have the right to send funds in hryvnias to the accounts of resident recipients which were sent from the correspondent accounts of foreign banks (apart from banks located and/or operating in Crimea) in hryvnias,’ reads the letter.

The NBU gave the explanation due to many requests of banks and taking into account the stoppage of operations of Ukrainian banks on the territory of Crimea.