New payment regulation under foreign economic contracts

For operations on export and import of goods carried out from 05.04.2022, the payment deadlines have been reduced from 365 calendar days to 90 calendar days. Thus, there is a need to review the provisions of existing agreements on exports and imports of goods, if the deadline for payment is set more than 90 calendar days. The new calculation rule is not unconditional, exceptions are provided in the Resolution of the National Bank № 68 dated 04.04.2022.

This means that in the case of the export of goods, the funds must be credited to the accounts of residents in the banks of Ukraine within the time specified in the agreements, but no later than 90 days. The term of debt payment is calculated from the date of customs clearance of exported products, and in the case of export of works, services, intellectual property rights and (or) other non-property rights – from the date of written (paper or electronic) deed, invoice) or other document certifying their provision. In the case of import of goods, their delivery must be made within the time specified in the contracts, but again no later than 90 days from the date of advance payment (prepayment).

Violation of the payment deadline by residents entails a penalty for each day of delay in the amount of 0.3 % of the amount of uncollected funds under the contract (value of undelivered goods) in national currency (in case of payments under foreign economic agreement (contract) in national currency) or foreign currency converted into the national currency at the exchange rate of the National Bank of Ukraine established on the day of the debt. The total amount of the accrued penalty shall not exceed the amount of unreceived funds under the contract (the value of undelivered goods).

If the performance of the contract is suspended due to force majeure, the period of calculation and accrual of interest is suspended for the entire period of force majeure and is resumed from the day following the day of expiration of such circumstances. Confirmation of the occurrence and expiration of force majeure must be proved by the certificate of the authorized organization, in our case, the Ukrainian Chamber of Commerce and Industry.