Currency limits and restrictions
At the beginning of the full-scale invasion, the National Bank of Ukraine (the NBU) and defined a series of currency restrictions to stabilize the financial system’s operations. However, as of May 13, 2024, some of these restrictions have been relaxed or completely removed. Below is a non-exclusive list of the limits and restrictions that remain in effect in Ukraine.
- The deadline for settlement of export and import transactions over UAH 400,000 (≈ EURO 8,800) is limited to 180 calendar days and applies to transactions carried out from 05.04.2022. The term of 365 days applies to transactions carried out before 05.04.2022.
- Dividends: since May 13, 2024, repatriation of eligible dividends up to EUR 1 million (or its equivalent) per month is permitted. Eligible dividends include those accrued from January 1, 2024, onward, but exclude undistributed dividends from earlier periods and reserve capital
- “Old” cross-border loans: Interest on loans received before June 21, 2023, that was due between February 24, 2022, and April 30, 2024, can be paid up to EUR 1 million (or its equivalent) per calendar quarter. Interest on these loans due after April 30, 2024, can be paid without any monetary limitations.
- “New” cross-border loans: permitted to repay foreign loans within the first year using only own foreign currency funds, then purchasing is allowed. Interest and other loan-related fees can be paid with both owned and purchased foreign currency. The interest rate must not exceed 12% annually.
- Financing of branches of representative offices abroad is possible provided that transfers are made: (a) during the current calendar year within the total amount of funds transferred by the resident during 2021 for the maintenance of its branches, representative offices (no more than 1/4 of this amount may be transferred within one calendar month); and (b) at the expense of the resident legal entity's own funds in foreign currency; and (c) through one bank, and (d) only for covering the branches' operational expenses.
- Representative offices of international card payment systems and foreign airlines are allowed to transfer up to EUR 5 million (or its equivalent) per month to their parents.
- Cash: issuance of cash in foreign currency has a daily limit of UAH 100,000 (or its equivalent) (≈ EUR 2,200), except in certain cases.