Kinstellar Counsel Andriy Nikiforov moderates a panel discussion on cross-border credit transactions under new FX regulations in Ukraine
February 2019 – On 18 February 2018, Andriy Nikiforov, Counsel in the Kyiv office and Chair of the Banking, Finance and Insurance Committee of the Ukrainian Bar Association (UBA), moderated a panel discussion organised by the UBA on the application of Ukraine’s new foreign exchange regulations to credit transactions between Ukrainian borrowers and international lenders. Among the notable panel speakers were senior officers of the National Bank of Ukraine (NBU) who had the hands-on responsibility for the Ukraine’s foreign exchange reform – Emal Bakhtari, Projects and Programme Manager of the NBU’s Open Markets Department, and Serhii Chechel, Head of the Capital Export & Import Regulation Division of the NBU’s Open Markets Department. The event was also widely attended by senior managers and counsel of Ukrainian commercial banks and lawyers.
The panel discussion and the following Q&A session explored various aspects related to application of Ukraine’s new foreign exchange regulations to cross-border credit transactions involving non-residents. The audience had the opportunity to hear first hand the interpretation by the NBU officers and other experienced speakers on issues that arise in the course of execution and performance of the cross-border loan agreements. The issues discussed included the new approach to determining the maximum permissible cost of borrowing, the use of foreign accounts for loan disbursements, the permission for borrowers to accumulate funds in foreign currency for future payments, the co-borrowing structures and application of newly introduced annual e-limits to payments by Ukrainian corporate guarantors.
The Ukrainian Bar Association is an all-Ukrainian public organisation founded in 2002. At present, the UBA has over 6,000 members, including private legal practitioners, in-house legal counsel, notaries, judges, public officials, MPs and renowned legal scholars. There are currently 24 acting UBA committees tasked with the further development of the legal profession in Ukraine, improving legislation, building relationships with public authorities and contributing to public reforms.
For more information please contact Andriy Nikiforov, Counsel, at .