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Security exceptions



 

1. Nothing in this Agreement shall be construed:

 

(a) to require any Party to furnish any information, the disclosure of which it considers contrary to its essential security interests; or

 

(b) to prevent any Party from taking any action which it considers necessary for the protection of its essential security interests:

 

(i) connected with the production of or trade in arms, munitions or war material;

 

(ii) relating to economic activities carried out directly or indirectly for the purpose of provisioning a military establishment;

 

(ii) relating to fissionable and fusionable materials or the materials from which they are derived; or

 

(iii) taken in time of war or other emergency in international relations; or

 

(c) to prevent any Party from taking any action in pursuance of obligations it has accepted for the purpose of maintaining international peace and security.

 

CHAPTER 7

 

 

CURRENT PAYMENTS AND MOVEMENT OF CAPITAL

 

 

Article 144

 

Current payments

 

The Parties undertake to impose no restrictions and shall allow, in freely convertible currency, in accordance with the provisions of Article VIII of the Articles of the Agreement of the IMF, any payments and transfers on the current account of balance of payments between the Parties.

 

 

Article 145

 

Capital movements

 

1. With regard to transactions on the capital and financial account of balance of payments, from the entry into force of the Agreement, the Parties shall ensure the


 

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free movement of capital relating to direct investments36 made in accordance with the laws of the host country, investments made in accordance with the provisions of the Chapter 6 (Establishment, Trade in Services and Electronic Commerce) of Title IV and to the liquidation or repatriation of these invested capitals and of any profit stemming therefrom.

 

2. With regard to other transactions on the capital and financial account of balance of payments, from the entry into force of this Agreement and without prejudice to other provisions of this Agreement the Parties shall ensure:

 

(a) the free movement of capital relating to credits related to commercial transactions or to the provision of services in which a resident of one of the Parties is participating;

 

(b) the free movement of capital relating to portfolio investments and financial loans and credits by the investors of the other Party.



 

3. Ukraine undertakes to complete the liberalisation of transactions on the capital and financial account of balance of payments equivalent to the liberalisation in the EU Party prior to the granting of internal market treatment in the area of financial services under Article 4.3 of Annex XVII to this Agreement. A positive assessment of the Ukrainian legislation on capital movements, its implementation and continued enforcement conducted in line with the principles outlined in Article 4.3 of Annex XVII to this Agreement is a necessary precondition to any decision of the Trade Committee to grant internal market treatment with respect to financial services.

 

4. Without prejudice to other provisions of this Agreement, the Parties shall not introduce any new restrictions on the movement of capital and current payments between residents of the EU Party and Ukraine and shall not make the existing arrangements more restrictive.

 

 

Article 146

 

Safeguard measures

 

Without prejudice to other provisions of this Agreement, where, in exceptional circumstances, payments or movements of capital between the Parties cause, or threaten to cause, serious difficulties for the operation of exchange rate policy or monetary policy37 in one or more Member States of the European Union or Ukraine, the Parties concerned may take safeguard measures with regard to movements of capital between the EU Party and Ukraine for a period not exceeding six months if such measures are strictly necessary. The Party adopting the safeguard measure shall inform the other Party forthwith of the adoption of such measure and shall present, as soon as possible, a schedule for its removal.

 

 

Article 147

 





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