LAW OF UKRAINE

of December 20, 2016 No. 1792-VIII

About ensuring large-scale expansion of commodity export (works, services) of the Ukrainian origin by insurance, guaranteeing and reduction in cost of financing of export

This Law determines bases of the state support of export activities by insurance, reinsurance, providing, partial compensation of interest rate for export loans for the purpose of creation of conditions for implementation of large-scale expansion of commodity export (works, services) of the Ukrainian origin on the foreign markets, ensuring protection of the Ukrainian exporters against risks of non-payments and financial losses and increase in competitiveness of the Ukrainian producers in the world markets.

Article 1. Determination of terms

1. In this Law terms are used in such value:

1) export loan - the loan granted by creditor bank:

to the foreign buyer for purchase of goods (works, services) of the Ukrainian origin according to conditions of the external economic agreement (contract) signed with the Ukrainian exporter;

bank of the foreign buyer for financing of deliveries of the Ukrainian exporter within accomplishment of the external economic agreement (contract);

to the Ukrainian exporter for ensuring delivery of goods (works, services) of the Ukrainian origin according to conditions of the external economic agreement (contract) or for ensuring production of such goods (works, services) on the external economic agreement (contract);

2) the foreign buyer - the subject of managing the nonresident performing purchase of goods (works, services) of the Ukrainian origin according to the external economic contract (contract) signed with the Ukrainian exporter;

3) commercial risk - risk of complete or partial non-execution of obligations by the foreign buyer or bank of the foreign buyer in front of the Ukrainian exporter under the external economic agreement (contract) or bank which credits on export loan (further creditor bank), or the Ukrainian exporter before creditor bank as a result:

any termination of the external economic agreement (contract) without the right to such action;

insolvency of the foreign buyer, bank of the foreign buyer or Ukrainian exporter;

bankruptcies of the foreign buyer, bank of the foreign buyer or Ukrainian exporter;

4) non-commercial risk - the risk of complete or partial non-execution of obligations by the foreign buyer or bank of the foreign buyer in front of the Ukrainian exporter under the external economic agreement (contract) or creditor bank or the Ukrainian exporter before creditor bank connected with:

earthquake, flood, hurricane or other natural disaster of natural nature;

industrial accidents owing to the fire, explosion, accident on the thermal, water, heating systems and other objects which led to emergency situation;

introduction of the moratorium on implementation of payments in the country of the foreign buyer, bank of the foreign buyer or in the country which takes part in implementation of payments;

introduction of amendments to the legislation concerning foreign economic activity of the country of the foreign buyer, bank of the foreign buyer participating performed by the external economic agreement (contract) which make accomplishment of such agreement (contract) impossible;

application of embargo on trade;

failure to carry out by the foreign buyer of obligations under the external economic agreement (contract) or delay of their accomplishment more than for 180 days if such buyer is the state or state body, the foreign subject of managing which obligation fulfillment was guaranteed by the state;

emergence of armed conflict, conducting military operations, revolt, revolution, mass riots, strikes in the country of the foreign buyer, bank of the foreign buyer which do accomplishment of such external economic agreement (contract) impossible;

acceptance of the country of the foreign buyer by competent authorities, bank of the foreign buyer or the third country participating performed by the external economic agreement (contract), measures to forced withdrawal of property (nationalization, confiscation of property, expropriation and so forth);

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