Ukraine slashes trade barriers and tightens banking rules in July reforms
Ukraine has made two key economic changes in late July 2019. The country abolished dual customs declarations for goods imported from the EU and EFTA, effective July 17. A day later, the National Bank introduced stricter rules for handling non-performing loans (NPLs) and distressed assets in banks.
The customs reform simplifies trade by allowing importers to use the same export declaration filed in the EU or EFTA for clearing goods in Ukraine. This move aligns with Ukraine’s commitments under the EU-Ukraine Association Agreement and the Common Transit System Convention.
The changes aim to streamline trade and strengthen financial stability. Importers now face fewer bureaucratic hurdles when bringing goods into Ukraine. Meanwhile, banks must take concrete steps to address non-performing loans, with deadlines set for full compliance by next year.
