Contract, Currency and Settlement Periods

The Law of Ukraine On Currency and Currency Operations sets the general rules for foreign-currency settlements, while special conditions under National Bank Board Resolution No. 18 apply during martial law. For export and import operations involving goods carried out from 5 April 2022, the general maximum settlement period is 180 calendar days. From 1 March 2026, a 270-calendar-day period applies to exports of goods under certain UKT ZED codes 8424, 8428, 8432 and 8716. For a specific shipment, the applicable period is determined by the type and date of the transaction and current NBU exceptions.

The contract should expressly state the goods or services, price currency, payment currency, amount or method of determining it, payment term and the party bearing bank charges. The invoice, act, consignment note and payment purpose use the same descriptions and amounts. This package allows the bank to see one commercial transaction from the contract through to the transfer.

The currency purchase rate, bank fee, correspondent-bank charges and transfer date directly affect the cost of imports. The receipt date is equally important to the exporter because it is linked to contract performance, currency supervision and subsequent purchases. In regular foreign trade, consistent contract and document terms reduce the time required for each subsequent payment.

Bank, Documents and Payment Date

The bank executes a foreign-currency transaction on the basis of the client's documents and its own banking rules. For a new counterparty or a significant amount, the bank may request registration information on the non-resident, the contract, invoice, transport or acceptance documents, information on the source of funds and an explanation of the commercial purpose of the payment. The company submits materials relating specifically to the transaction for which the payment instruction is made.

NBU Resolution No. 18 changes as wartime currency restrictions change. The payment date therefore matters: the terms of a particular transfer are determined by the version in force on that date. Different grounds apply to dividends, loans, investments, import payments and payment for services. The corporate resolution, agreement and banking documents should describe the same obligation.

If the bank has already sent a request, the response should be built around the contract and actual supporting documents. The payment amount is linked to the invoice, goods to the consignment note or transport document, and services to an act or other evidence of performance. For the company, these are ordinary business documents that are best prepared together with accounting before the transfer date.

Export Proceeds, Imports and Regular Payments

The accountant records the foreign-currency obligation, payment and exchange differences under accounting and tax rules. It is useful for the owner to see separately the price of goods or services, bank costs and exchange difference. This division shows the actual profitability of the foreign transaction.

For repeated payments to one supplier, an agreed form of contract, invoice and performance documents can be used. The manager is responsible for commercial terms, the accountant for the amount and accounting records, and the authorised employee for bank documents. Each subsequent payment follows an already understood process.

If revenue is received in different currencies, future purchases should be planned with regard to the currency structure of income. This reduces the number of conversions and allows bank costs to be calculated more accurately. With significant turnover, a separate payment calendar shows contract dates, maximum currency-settlement periods and currency requirements for the nearest dates.

UBC can support one payment or regular settlements with non-residents. To begin, the contract, amount, currency, counterparty country, desired date and the bank's request, if already received, are sufficient. The client receives an explanation of the available settlement method, required documents and support cost.