n entities to be carried out in national currency have proved unpopular with the nation’s business community.
Explanatory notes accompanying the National Bank of Ukraine’s resolution No. 482, introduced on Nov. 11, say the rules are intended to regulate foreign investments into Ukraine and the repatriation of investments. Businesses, however, claim the regulation will negatively impact foreign entities that make direct investments into Ukrainian companies, sell local interests and repatriate profits from local businesses.
Before the implementation of resolution 482, foreign investors were allowed to pump foreign cash investments into Ukrainian entities; but the contested resolution requires that all cash investments be made in Ukrainian hryvnya through accounts at a resident commercial bank.