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NBU Eases Some FX Restrictions

NBU Eases Some FX Restrictions

The National Bank of Ukraine has updated a number of FX restrictions, specifically,to bring them in line with the applicable law.

First, the Cabinet of Ministers of Ukraine approved Resolution No. 953 On Certain Issues of Passage and Accounting of Humanitarian Aid Under Martial Law dated 5 September 2023 (as amended) that introduced a new procedure for importing humanitarian aid from 1 December 2023.

In this regard, the NBU has clarified the grounds for banks to correctly complete currency supervision of residents' compliance with deadlines set by the NBU for settlements in transactions to pay for goods imported into Ukraine as humanitarian aid from 1 December 2023.

Second, on 24 December 2023, the Law of Ukraine No. 3498-IX On Amendments to Certain Laws of Ukraine Regarding the Improvement of the Functions of the State Regulation of Financial Services Markets dated 22 November 2023 (Law No. 3498) entered into force, introducing, in particular,amendments to the Law of Ukraine On Banks and Banking.

In order to bring the NBU regulations in line with Law No. 3498, the NBU has granted a temporary (until 31 December 2024) permission to sell (exchange) bank customers’ cashless funds in russian/belarusian rubles, if said transaction is executed in line with the requirements of Section VII paragraph 18 of the Law of Ukraine On Banks and Banking.

Said transactions are authorized on condition that:

  • nonresident banks (other than resident banks of the russian federation and the republic of belarus and banks subject to special economic sanctions and other restrictive measures prescribed by the Law of Ukraine On Sanctions), with which resident banks opened correspondent accounts in russian/belarusian rubles, unilaterally decide to convert (exchange) russian/belarusian rubles for other currencies
  • russian/belarusian rubles can be sold (exchanged) at the request of a bank customer only once in respect of each currency type (russian rubles and belarusian rubles).

These and other technical amendments were approved by NBU Board Resolution No. 17 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 5 February 2024, which comes into effect on 7 February 2024.

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