The head of the National Bank reports $8 billion that exporters took out of Ukraine and are not returning

The NBU intends to take measures against “black exports” and fight exporters who do not return foreign currency earnings. One way to achieve this goal is to develop cooperation with the Tax and Customs Services.

The head of the NBU Andrey Pyshny stated this at the annual forum of corporate directors of the Professional Association of Corporate Governance.

“We will do everything to ensure that export proceeds return to Ukraine. Today, its non-repayment reaches $8 billion, if not more. This $8 billion - where is it? What taxes did the Ukrainians receive from them?” - Pyshny emphasized.

He clarified that so far the reduction in the terms for the return of foreign exchange earnings has affected only agricultural exports, and the National Bank will continue to support the government in this matter, given the importance of the “grain” corridor, in particular for Ukraine’s balance of payments.

He cited data from the Bureau of Economic Security, which estimated the export of grain of unknown approval at UAH 134 billion since the beginning of the year, which means it was purchased for cash on the gray market without paying taxes.

Taking this into account, the head of the National Bank called on corporate directors to build an internal control system that would make such operations impossible for companies.

“The National Bank sees all transactions and will see even more. Together with the restrictions introduced, we are now building a new communication system with the State Customs Service and the State Tax Service. All this is done for one purpose: export revenue, gold and foreign exchange reserves,” Pyshny emphasized.

According to him, the National Bank is ready for such a “perhaps uncomfortable, but very useful, honest, frank” discussion and listening to the needs of business.

As reported, from November 11, the National Bank reduced the deadline for settlements for transactions on the export of agricultural goods from 180 to 90 calendar days.

This applies to goods classified by codes according to the UKT FEA: 1001 (wheat), 1002 (rye), 1003 (barley), 1004 (oats), 1005 (corn), 1201 (soybeans), 1205 (rapeseed), 1206 00 (seeds sunflower), 1507 (soybean oil), 1512 (sunflower oil), 1514 (rapeseed oil), 2306 (cake), implemented from November 11, 2023.