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NATIONAL BANK OF UKRAINE TAKES ACTIONS TO PREVENT CONVERSION OF BORROWINGS

The National Bank of Ukraine (the "NBU") has taken actions to prevent the conversion of borrowings extended by Ukraine-based lenders to cross-border borrowings. This was announced by the top NBU official as the primary purpose of the new NBU regulation, no.551 of 20 August 2015 (the "Regulation") which supplements regulation no. 354 of 3 June 2015). However, the wording of the Regulation seems to be somewhat far-reaching and concerns the rights of the foreign lenders under cross-border borrowings extended to Ukrainian residents.

For further information please contact

Taras
Dumych
Partner
Ukraine
Oksana
Volynets
Senior Associate
Ukraine

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