Supreme Court Ukraine

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October 7, 2010 the Trial Chamber on Civil Cases of the Supreme Court of Ukraine held a generalization of judicial practice to deal with civil cases arising from the credit relationship (2009-2010) (Excerpts) Resolution of the Supreme Court Ukraine from May 12, 2010 the appellate court reversed and upheld the decision of the district court and, in particular, pointed out that is not the basis for the recognition of the loan agreement null and void in foreign currency, as the Decree of the Cabinet of Ministers of Ukraine "On the system of currency regulation and currency control" does not contain such a ban (decision 6-2751 St. 10). In the absence of regulatory frameworks for application individual licensing with respect to these operations, the only legal basis for banks lending in foreign currency in accordance with the requirements of Article 5 of Decree of CMU is the presence of Bank General license for currency transactions, resulting in the prescribed manner. Therefore, in disputes about the invalidation of contracts on foreign currency loan in the courts Keep in mind that in the event of a bank corresponding to the general license and written permission of the National Bank of Ukraine, the implementation of credit transactions in the currency does not contradict the requirements of the current Ukrainian legislation. Does not contradict the legislation of Ukraine collection of debts under the loan agreement or contract of bank deposit in foreign currency if it is provided under the contract and plaintiff asks to recover the amount in currency. However, make sure that the bank has a general license and written permission to conduct foreign exchange operations, received in due course.

Based on the fact that contractual obligations in foreign currency is not permitted by law, in addition to the recovery of debts in foreign currency and the court may also charge interest on the loan agreement or interest on bank deposit (Articles 1054, 1061 Civil Code of Ukraine) in foreign currency, as such percentage is not a financial sanction, but are the charges for the use of money.