Ukraine shortens the maximum settlement terms for the export of agri products

The National Bank of Ukraine has reduced the maximum settlement terms for export operations of certain types of agricultural products from 180 to 90 days. This should help to ensure compliance by entities engaged in foreign economic activity with the maximum settlement terms for export operations of goods and to facilitate the return of foreign currency proceeds. The changes introduced upon Ukrainian Government’s request became effective on Nov 11, 2023.

The types of goods affected by the enactment are classified under the following Ukrainian Classification of Goods for Foreign Economic Activity (UCG FEA) codes:

• 1001 - wheat and wheat-rye mixtures (meslin)
• 1002 - rye
• 1003 - barley
• 1004 - oats
• 1005 - corn
• 1201 - soybeans
• 1205 - rape or barbarea seeds
• 1206 00 - sunflower seeds
• 1507 - soybean oil
• 1512 - sunflower, safflower, or cottonseed oil
• 1514 - rape, barbarea, or mustard oil
• 2306 - oilcake

Entities engaged in foreign economic activity that export goods classified under the above-mentioned codes are required to review their settlement plans and ensure the return of foreign currency proceeds within the established deadlines. Additionally, amendments to relevant contracts may be required.

At the same time, the maximum settlement terms for export operations of other categories of goods remain unchanged.