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.

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