NBU lifts restrictions on funding overseas offices of Ukrainian companies
The National Bank of Ukraine has lifted its restrictions on funding foreign offices of legal entities, informs the press service of the regulator.
Such decision was made in response to requests made by businesses engaged in international trade. In the past, the companies were allowed to transfer up to 2 million euros per year to its foreign representative offices.
“From now on, direct transfers to accounts of foreign units are no longer subject to the limits and will not be restricted as to amount,” informs the regulator.
Nonetheless, the NBU has established conditions for additional oversight of such payments. Ukrainian businesses wanting to fund their overseas representative office must provide their bank with a detailed budget and other documents supporting the necessity of such funding.
This decision does not apply to transfer of funds to the Russian Federation, offshore territories and countries that do not comply with FATF recommendations.