The National Bank Expanded the Grounds for Terminating Foreign Exchange Supervision of Export Transactions

The National Bank of Ukraine (NBU) has expanded the list of grounds for banks to terminate foreign exchange supervision over export transactions of Ukrainian companies.

The relevant Resolution of the NBU Board dated May 30, 2025, No. 59 "On Amending the Instruction on the Procedure of Banks’ Foreign Exchange Supervision over Residents’ Compliance with Settlement Deadlines for Export and Import Transactions" will enter into force on May 31.

Starting from May 31, banks will be able to terminate foreign exchange supervision based on the receipt of funds into the company’s account from:

• a guarantor bank (non-resident) under a guarantee provided to fulfill the obligation to pay for the export transaction;
• a guarantor bank (resident) under a guarantee provided to fulfill the obligation to pay for the export transaction, provided that the resident guarantor bank has previously received foreign currency funds from a counter-guarantor bank (non-resident) in response to a claim under such a counter-guarantee.

The regulator explained that these changes streamline the legal framework for banks to complete foreign exchange supervision over residents' compliance with settlement deadlines for export operations involving guarantees or counter-guarantees issued by foreign banks.

This will encourage wider use of international banking instruments—such as guarantees and counter-guarantees—by Ukrainian exporting companies to secure payment. In turn, this will help reduce the volume of unreceived foreign currency earnings in Ukraine in cases where non-resident counterparties fail to fulfill their obligations under export contracts.