The National Bank of Ukraine (NBU) continues to gradually ease the currency restrictions introduced at the onset of the full-scale Russian invasion of Ukraine with NBU Regulation No. 18 dated 24 February 2022.

Starting from May 6, 2024 a number of currency restrictions were lifted, subject to certain conditions. These include, in particular:

Other martial law limitations

Notwithstanding that the NBU has relaxed the above currency control restrictions, a number of other restrictions and limitations remain in place (e.g., prohibition on loan acceleration, maximum interest rate cap, general limitations for FX currency purchases, bans (limits) for cross-border payments, etc.).

Conclusion

The recent changes lifting certain limitations on servicing cross-border loans should provide more conformity to foreign lenders in debt restructuring and open the possibility for new kinds of financing in Ukraine.

The changes should also allow settlement of outstanding debts by Ukrainian importers and enhance new import transactions in Ukraine.

Finally, Ukrainian companies are allowed to pay dividends to foreign investors moving forward within an established limited amount.

Source: NBU Regulation No. 56 dated May 3, 2024 “On amendments to Resolution of the Board of the National Bank of Ukraine No. 18 dated February 24, 2022”