Agreement between the Central bank of the Russian Federation and National Bank of Ukraine on interbank calculations and cooperation of bank systems

of May 9, 1998

Central Bank of the Russian Federation (Bank of Russia) and the National Bank of Ukraine (Bank of Ukraine), hereinafter referred to as with "Parties",

- aiming at enhancement of the mechanism of calculations between business entities of the Russian Federation and Ukraine,

- considering the principles of forming of the Payment union of gosudarstvuchastnik of the Commonwealth of Independent States,

agreed as follows.

Article 1

1. All calculations and payments between business entities (legal entities and physical person) of the Russian Federation and Ukraine are performed in national currencies of the Russian Federation and Ukraine (rubles and hryvnias), and also in currencies of the third countries according to the legislation existing in the territory of each of the states of the Parties.

2. When implementing foreign economic activity the payment currency and form of calculations are determined by business entities (legal entities and physical person) of the Russian Federation and Ukraine independently in the contracts (contracts) for delivery of products, rendering services, performance of works signed between them within the legislations existing in the territory of the states of the Parties.

Article 2

1. Authorized banks of the Russian Federation are the banks and other credit institutes which obtained licenses of the Bank of Russia for carrying out currency transactions.

2. Authorized banks of Ukraine are the banks of Ukraine which obtained the license of Bank of Ukraine for the right of carrying out transactions with currency values.

Article 3

1. 1 calculations specified in Article and payments are made through correspondent accounts (in rubles - in the territory of the Russian Federation and in hryvnias - in the territory of Ukraine) authorized banks of the Russian Federation and Ukraine.

2. Calculations for intergovernmental agreements are perfromed through the authorized banks which are specially stipulated in these agreements.

3. The parties agreed that calculations through the correspondent accounts opened by the Parties each other are performed according to the Agreement of correspondent account which is separately signed between them.

4. The correspondent accounts of authorized banks of the Russian Federation and Ukraine opened each other according to the interbank agreement of November 17, 1992 remain.

Article 4

1. Authorized banks of the Russian Federation and Ukraine according to the current legislation and other regulatory legal acts of the Russian Federation and Ukraine open for the friend of the friend or unilaterally accounts on the basis of the signed agreements on correspondence relations in which the technical procedure and conditions of implementation of payments and calculations including according to orders of clients are established.

Responsibility for accomplishment of cross payment obligations and requirements for the calculations perfromed through authorized banks is completely born by business entities.

2. The parties do not bear responsibility on settlement of cross liabilities of authorized banks and do not guarantee balance of balance on the payments, calculations and transactions performed through authorized banks.

Article 5

According to the signed agreements authorized banks of the Russian Federation and Ukraine can perform purchase and sale of national currencies of the Russian Federation and Ukraine, and also deposit transactions and crediting in national currencies of the Russian Federation and Ukraine and currencies of the third countries according to the accepted international banking practice and the current legislation, and also other regulatory legal acts of the Russian Federation and Ukraine.

Article 6

Means in rubles and hryvnias on correspondent accounts of the relevant authorized banks of the Russian Federation and Ukraine can be used for implementation of payments on current transactions in advantage of both legal entities and physical persons of the Russian Federation and Ukraine, and legal entities and physical persons of the third countries, and also for implementation of conversion transactions with rubles, hryvnias and currencies of the third countries according to the current legislation and other regulatory legal acts of the Russian Federation and Ukraine.

Article 7

The exchange rate between ruble and hryvnia on purchase sale of rubles and hryvnias is determined by transactions of authorized banks of the Russian Federation and Ukraine taking into account the demand and supply based on procedure and terms of trade in foreign currency operating in the foreign exchange markets of the Russian Federation and Ukraine.

Each of the Parties determines procedure for establishment of the official rate of national currency independently. The parties on permanent basis will communicate the national currency rates which are rather established by them, and also the other information concerning accomplishment of functions of Central Banks by them.

Article 8

1. The procedure for import and export of cash in national currency of the Russian Federation and Ukraine in the territories of the states of the Parties is regulated by the foreign exchange legislation and the corresponding regulatory legal acts of the Russian Federation and Ukraine.

2. Authorized banks of the Russian Federation and Ukraine perform operations with cash rubles and hryvnias according to legislations and regulatory legal acts of the Russian Federation and Ukraine.

Article 9

Authorized banks of the Russian Federation and Ukraine perform exchange of foreign currency for national currency of the state for physical persons (residents and nonresidents) through exchange points according to the legislation and other regulatory legal acts of the Russian Federation and Ukraine.

Article 10

1. Opening in authorized banks of the Russian Federation of accounts to legal entities (non-bank organizations) of Ukraine is performed in accordance with the legislation of the Russian Federation in the presence of the individual license of Bank of Ukraine.

2. Opening in authorized banks of Ukraine of accounts of legal entities (non-bank organizations) of the Russian Federation is performed according to the legislation of Ukraine in the presence of the corresponding permission of the Bank of Russia.

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