A number of currency restrictions for volunteers, individuals and businesses have been lifted
11 July 2024 10:23
The National Bank of Ukraine has cancelled a number of currency restrictions for volunteers, individuals and businesses. The changes will take effect from 11 July 2024. This is reported by "Komersant Ukrainian" with reference to the NBU press service.
Changes for business
In particular, the NBU
- allowed domestic businesses to reimburse non-residents for expenses incurred due to their participation in the provision of an external loan to a Ukrainian borrower. The condition for such a transaction is that the guarantor, surety or insurer of the external loan must be a foreign export credit agency or a foreign state, or the guarantor or surety under such an obligation is an international financial institution (IFI).
- allowed transferring funds in favour of foreign companies whose shareholders include a foreign state to pay insurance premiums under contracts providing for the coverage of military risks in Ukraine.
- ensured the ability of residents to transfer funds under guarantees or sureties provided by them to ensure the fulfilment of obligations of resident borrowers under foreign loans and borrowings (provided that such payments by a resident borrower are permitted by Resolution No. 18).
- regulated the possibility of resident borrowers to purchase foreign currency for its reservation under a loan agreement with an IFI, which will increase the support of Ukrainian business by IFIs;
- introduced clarifying amendments to the May liberalisation package, which allowed scheduled interest payments on external corporate debt.
- enabled businesses to pay fees for actions related to the protection of intellectual property rights, including payment for services provided by patent offices in other countries and services of patent attorneys abroad.
Changes for volunteers
In particular, the NBU:
- expanded the list of defence goods that individuals volunteers may purchase abroad. The list includes components for UAVs, as well as thermal blankets and hot water bottles.
Currently, the list already includes thermal imagers, radios, body armour, helmets, helmets, military and tactical uniforms, military and tactical footwear, protective clothing, optical surveillance devices, unmanned aerial vehicles, sleeping bags and first aid equipment.
It should be noted that starting from 4 April 2022, individuals can purchase foreign currency within the monthly limit of UAH 400,000 in equivalent and transfer it abroad to purchase goods from the list determined by the National Bank to contribute to the enhancement of Ukraine’s defence capabilities. In addition, starting from 6 August 2022, individual volunteers will be able to pay with hryvnia payment cards without restrictions to purchase the relevant goods abroad.
- in addition to the possibility for non-residents to make charitable contributions in foreign currency in Ukraine, the NBU has allowed them to make corresponding transfers in hryvnia. Such contributions may be made to the accounts of both state bodies and charitable foundations.
Changes for individuals
The NBU has granted individuals the right to return social benefits received in a foreign country. These changes will allow Ukrainians to fulfil their obligations to the authorities of foreign countries, which will prevent the deterioration of the conditions for providing assistance to forced migrants.
In addition, the NBU has clarified the existing limit of UAH 100,000 per day for the purchase and sale of foreign currency cash for non-cash funds in hryvnia, which is the same as the limit on cash withdrawals from customers’ current accounts. The clarification applies exclusively to non-cash funds, which means that Ukrainians will continue to be able to carry out currency exchange transactions with cash without any limitations on the amount.
