New rules for over-the-counter transactions with foreign currency-denominated internal government bonds (OVDPs) come into force on 30 June

We would like to draw the attention of market participants to the fact that the NSSMC has approved a revised Resolution on the regulation of over-the-counter transactions with internal governmental bonds denominated in foreign currency.

We would like to remind you that the proposed changes are an initiative of the National Bank of Ukraine and are also included in the updated Memorandum of Cooperation between Ukraine and the International Monetary Fund.

Based on the results of preliminary discussions, the Commission took into account most of the proposals and comments from market participants. In particular, the document was supplemented with a provision stipulating that the requirements do not apply to transactions involving the purchase and sale of foreign currency-denominated internal governmental bonds (OVDPs) if one of the parties is a bank acting on its own behalf and at its own expense.

The decision comes into force on 30 June 2025 (except for its second paragraph). After that, for the duration of martial law, the following will be prohibited:

● for investment firms, to buy and sell foreign currency-denominated internal governmental bonds (OVDPs)(except for initial placement) without the “delivery of securities against payment” principle through the Settlement Center;

● for depository institutions, to conduct accounting operations under such contracts without an order or notification from the NBU.