The National Bank of Ukraine has forbidden banks (their branches and outlets) and financial institutions of Ukraine to perform with their clients any cash transactions using banknotes and coins issued by the Central Bank of the Russian Federation in case they contain images of maps, symbols, buildings, monuments, archeological or historical artefacts, and landscapes of any other objects located on Ukrainian administrative territorial units occupied by the Russian Federation and/or bear texts related to occupation of Ukraine’s territories by the Russian Federation. The ban also applies to purchase or sale of foreign currency cash between banks.
Moreover, the NBU prohibits financial institutions and Ukrposhta PJSC to accept and/or dispense foreign currency cash – banknotes and coins issued by the Central Bank of the Russian Federation in case they contain images of maps, symbols, buildings, monuments, archeological or historical artefacts, and landscapes of any other objects located on Ukrainian administrative territorial units occupied by the Russian Federation and/or bear texts related to occupation of Ukraine’s territories by the Russian Federation – when effecting or giving out money transfers.
The restrictions on transactions with such banknotes and coins are adopted by NBU Board Resolution No.103 dated 13 October 2017 On Amendments to Some NBU Regulations and Performance of Certain Foreign Currency Transactions.
This document amends:
- the Instruction On the Procedure for Arranging and Performing Foreign Exchange Operations in Ukraine*, and
- the Instruction On Performing Cash Operations by Ukrainian Banks**.
The resolution comes into effect on 17 October 2017.
The NBU has taken this decision in order to protect the sovereignty and territorial integrity of Ukraine and in line with the Constitution of Ukraine and laws of Ukraine and subject to articles 17, 99 of the Constitution of Ukraine, articles 7, 15, 25, 30, 44, 45, 56 of the Law of Ukraine On the National Bank of Ukraine, article 12 of the Law of Ukraine On Creation of ‘Crimea’ Free Economic Zone and Specifics of Business Activity in the Temporarily Occupied Territory of Ukraine, the Law of Ukraine On Securing the Rights and Freedoms of Citizens and the Legal Regime on the Temporarily Occupied Territory of Ukraine, and Decree of the Cabinet of Ministers of Ukraine N.15-93 dated 19 February 1993 On Foreign Exchange Regulation and Controls.
* approved by NBU Board Resolution No.502 dated 12 December 2002, registered by the Ministry of Justice of Ukraine on 14 January 2003, registration number No.21/7342 (in the wording of NBU Board Resolution No.249 dated 30 April 2014)(as amended)
** approved by NBU Board Resolution No.174 dated 1 June 2011, registered by the Ministry of Justice of Ukraine on 25 June 2011, registration number No.790/19528