Update on restrictions on foreign currency transactions, imports and exports
With the beginning of the full-scale invasion, restrictions on foreign currency transactions were introduced. Such restrictions were deemed a necessary step to support the economy and the financial system in the conditions of armed aggression by the Russian federations and to restore the economy after the liberation of the territory of Ukraine from the Russian invaders.
However, the National Bank of Ukraine (NBU) have since taken several measures to ease currency restrictions to preserve the stability of the foreign exchange market.
The purpose of the measures was to increase the inflow of foreign currency into the country and to alleviate businesses in Ukraine.
NBU removed the remaining restrictions on the imports of goods. From July 9th 2022 businesses can buy currency and transfer funds for goods import operations, i.e. making it possible to import any commodity products. However, there are some restrictions on the import of services. Please contact NUCC for an updated list of services and works (in Ukrainian).
The deadline for settlement of export-import operations has been increased.
In order to support Ukrainian enterprises, NBU extended settlement terms for export-import operations from 120 to 180 days. This decision will significantly expand the opportunities of Ukrainian entrepreneurs in wartime to avoid logistical problems during the export and import of products (only transaction over UAH 400,000).
Ukrainian companies are allowed to fulfill obligations under external credits and loans if they are secured by IFI, ECA or foreign state. However, from June 2023 they are allowed to attract and service all types of external loans (received after June 2023) .
Besides, NBU allowed commodity exchanges to transfer funds to a non-resident for the purpose of returning the previously deposited amount of guaranteed security for participation in the auction.
After Ukraine’s victory over the occupiers of the Russian Federation, all restrictions will be lifted to pre-war levels.