To ensure the sustained operation of the Ukrainian economy under martial law as the situation develops, to create appropriate conditions for the financing of Ukraine’s national security and defense capabilities, and to support the Armed Forces, the NBU has been constantly updating the measures imposed by NBU Board Resolution No. 18 On Operation of Banking System Under Martial Law dated 24 February 2022.
Resolution No. 18 introduced a special procedure for purchasing foreign currency in Ukraine. Specifically, it allows for making purchases of foreign currency to finance mobilization efforts and other activities (needs) identified by applicable laws governing national security and defense. The resolution also outlines a procedure for making cross-border remittances of foreign currency in payment for critical imported goods.
The critical imported goods list, stipulated in the Cabinet of Ministers of Ukraine’s Resolution No. 153 dated 24 February 2022, is constantly expanding. The latest changes to the list were laid out in the NBU’s letter No. 40–0007/18442 dated 1 March 2022. For updates to said resolution, go to:
- https://www.kmu.gov.ua/npas/pro-vnesennya-zmin-u-dodatok-do-postanovi-kabinetu-ministriv-ukrayini-vid-24-lyutogo-2022-r-153-161-260222
- https://www.kmu.gov.ua/npas/pro-vnesennya-zmin-u-dodatok-do-postanovi-kabinetu-ministriv-ukrayini-vid-24-lyutogo-2022-r-153
Note that the Law of Ukraine On Foreign Economic Activities defines goods as any commodities, services, works, intellectual ownership rights, and other intangible rights intended for sale (paid transfer).
To promptly respond to the needs of the Ukrainian economy while martial law is in effect, the NBU is keeping in contact with banks and the CMU and constantly reviewing the needs of bank customers. As a result, the CMU has been updating the critical imported goods list on a regular basis.
To ensure favorable conditions for making foreign currency purchases and transfers to buy critical imported goods, banks have been working nonstop in cooperation with customers. Among other things, banks regularly inform customers about the current list of critical imported goods and review import transactions to make sure the goods purchased meet the criteria set out in the list.
We urge banks and their customers to quickly assess and address the needs that must be met to ensure the uninterrupted functioning of the economy under martial law, create appropriate conditions for the rapid financing of Ukraine’s national security and defense capabilities, provide comprehensive support to the Armed Forces, and focus on the designated list of critical imports. If some goods (products or services) are not on the list, please contact the NBU and the CMU so that they can expand it.
In addition, the central bank has allowed banks to purchase foreign currency and make transfers for said purposes without restrictions and under a significantly simplified currency supervision procedure. Relevant exceptions are provided for in paragraphs 14 and 141 of NBU Resolution No. 18.
The NBU and Ukraine’s banking system have been working smoothly and in harmony. We stand united in defending our country’s financial system and our people’s savings.