Distinguishing between the currency of debt and the currency of payment as Debt currency elements of a monetary obligation
On January 31! 2024! the Supreme Court! as part of the panel of judges of the Second Judicial Chamber of the Civil Court of Cassation! in case No. 183/7850/22! proceedings No. 61-14740св23 (EDRSRU No. 116840099)! examined the issue of distinguishing the currency of debt and the currency of payment as elements of a monetary obligation.
A monetary obligation must be performed in hryvnias
If the obligation specifies a monetary equivalent in a foreign currency! the amount payable in hryvnias is determined at the official exchange rate of the relevant currency on the day of payment! unless a Debt currency different procedure for its determination is established by the contract or law or other regulatory legal act (parts one and two of Article 533 of the Civil Code of Ukraine).
Read alsoMarket and Technology Indicator. big ideas and progress are the hallmarks of humanity Why are potatoes cheaper in Ukraine than in Russia?Business Week: Will Ukraine reach an agreement with creditors and how much gold is worth now?The situation is simply leveling out. Why the cost of renting housing in Kyiv has stopped growing
On September 18! 2020! the Supreme Court! acting as the Joint Chamber of the Economic Court of Cassation in case No. 916/4693/15 (EDRSRU No. 111484353)! indicated that the current legislation does not establish a ban on the fulfillment of a monetary obligation in foreign currency.
In the resolution of July 13! 2022 in case No. 363/1834/17 (proceedings No. 14-53цс21)! the Grand Chamber of the Supreme Court drew attention to the following features of the execution of a monetary obligation: “The special summer campaigns for red members monetary unit of Ukraine is the hryvnia (Part One of Article 99 of the Constitution of Ukraine). However! the Fundamental Law does not establish a ban on the use of foreign currencies in Ukraine.
Foreign currency may be used in Ukraine in cases and in the manner established
By law (Part Two of Article 192 of the Civil Code of Ukraine). That is! the hryvnia has the status of a universal means of payment! which is accepted without restrictions on the territory of Ukraine at face value (Part One aol email list of Article 192 of the Civil Code of Ukraine)! while the circulation of foreign currency is regulated by the laws of Ukraine.