National Bank of Ukraine bans investments in Crimea

5 November 2014 08:41
(QHA) -

The National Bank of Ukraine (NBU) has equated Crimean residents to nonresidents of Ukraine and banned investments in Crimea.

The decision is stipulated in NBU resolution No. 699 of November 3, 2014 which is to take effect on November 5.

"It is established that for the purpose of applying legal acts of the National Bank of Ukraine: persons whose place of residence (registered or lives) is on the territory of the free economic zone "Crimea" are equated to nonresidents (as for investment transactions – to foreign investor); agreements signed by Crimean residents with residents of the rest of the territory of Ukraine are documents used instead of foreign economic agreements (contracts) when legal acts of the NBU apply," reads the resolution.

According to the resolution, remittances (payments) from Ukraine's mainland to the territory of Crimea or from Crimea to Ukraine's mainland are carried out under a procedure foreseen in NBU's legal acts for transactions on the transfer of money outside/in Ukraine.

As reported, the law on the creation a free economic zone "Crimea" and specifics of economic operation on the temporarily occupied territory of Ukraine took effect on September 27, 2014