Ukraine: Starting today, the terms for returning foreign currency earnings for agricultural exporters have been extended

Published Jul 11, 2024

Tridge summary

The National Bank of Ukraine has extended the settlement deadline for certain agricultural product exports from 90 to 120 days, effective July 12, 2024. These goods include wheat, rye, barley, oats, corn, soybeans, rapeseed, soybean oil, sunflower oil, and oil cake. This move is aimed at helping local agro-product exporters overcome logistical challenges and expand their reach into Asian and African markets. However, the settlement deadlines for agricultural product exports will still be 60 days shorter than for all other domestic exports, promoting the timely return of foreign currency proceeders to Ukraine. The changes will take effect on July 11, 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The National Bank of Ukraine increases from 90 to 120 days the deadline for settlements on operations of export of some types of agricultural products made from July 12, 2024. This is reported by the press service of the NBU. We are talking about goods classified under the following codes according to the UKTVED: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soybean), 1200 (rapeseed (sunseed), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil) and 2306 (oil cake). Increasing the settlement deadlines will support domestic agro-product exporters, given the logistical challenges they face. In addition, it will expand their opportunities to develop new markets, in particular, Asia and Africa, which Ukraine needs under war conditions. At the same time, the deadlines for settlements on export transactions for certain types of agricultural products will remain 60 days shorter than for all other domestic exports (180 days). This will further improve ...

Source: UkrAgroConsult