NBU’s resolution №450
The National Bank of Ukraine (NBU) has prohibited the banks to close a client’s current account used to make cross-border transactions upon the agreements, if the obligations arisen out of them have not been fulfilled, says the resolution of the National Bank of Ukraine passed on July 29, 2014, №450 On Changes to Instruction on Procedure for Opening, Use and Closure of Accounts in Local and Foreign Currencies, RBK-Ukraine ( РБК-Україна) reports.
«A bank cannot close a client’s current account, if it is being used to make international business transactions, based on the international trade agreements, in case the obligations arisen out of which have not been performed in full. The bank that monitors timeliness of payments made upon international trade agreements can close the said accounts only if these operations are no more subject to control», - the statement says.
