Pursuant to article 1 of the Law of Ukraine dd. September 23, 1994, No.185/94-ВР, On Procedure for Foreign Exchange Settlement, as amended (hereinafter – Law No.185), foreign currency receipts  of residents are to be transferred to the foreign currency accounts opened with the authorized banks within a certain time period specified for debt repayment stated in the agreements, bit not later than 180 calendar days after the date of customs clearance (export cargo declaration) of the goods exported, and in case of export of services, intellectual property rights – since the date of signing a document that can confirm accomplishment of works, provision of services, export of intellectual property rights. In case the deadline is missed, the central executive agency that monitors embedment of the government policy on economic growth is to issue a relevant resolution.  

Import operations of residents classified as deferred delivery, if being postponed for more than 180 calendar days after the date of advance payment or promissory note in favor of the supplier of imported goods (works, services), require a resolution of the central executive agency in charge of implementation of the government policy on economic growth (article 2 of Law No.185).

Along with that, according to the amendments enacted by the Law of Ukraine on November 06, 2012, No. 5480-VI, on amendments to some enactments of Ukraine concerning increase in tools to influence the money and credit market, the National Bank of Ukraine is entitled to introduce terms of settlement for six months, other than those set out in part 1, article 1, 2 of Law No.185.

In particular, par. 1 of the Resolution of the NBU’s Management Board dd. March 03, 2015, No.160, On Regulation of Situation in the Money and Credit Market of Ukraine (hereinafter– resolution No.160), sets out that import and export settlements envisaged in article 1, 2 of Law No. 185 are to be made within the term that does not exceed 90 calendar days.

The resolution came into effect on March 04, 2015, and is valid until June 03, 2015, inclusive (par. 9 of Resolution No.160).

Given the above said, payment for exports and imports of goods (works, services) provided for in article 1 and. 2 of Law No.185, are to be made during a period not exceeding 90 days starting 04.03.2015.