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 (≈ EUR 7,948) 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: Ukrainian residents are now allowed to remit abroad dividends earned from their business activities starting from 1 January 2023. Such transfers can be made up to the established monthly limit of EUR 1 million and must comply with other conditions specified by the NBU.
- “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 of Ukrainian companies abroad is now allowed within an annual limit of EUR 1 million (in equivalent) from the company’s own foreign currency, provided the company has operated for at least 12 months. Additional transfers beyond this limit are permitted within the total amount transferred in 2021 to support such representative offices/branches.
- 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 1,987), except in certain cases.
- Limits on transactions carried out by legal entities using corporate electronic payment instruments (corporate cards) abroad: (i) UAH 12,500 to UAH 17,500 (in the equivalent(≈ EUR 248 to 348) for transactions on withdrawal of funds from the client's account in national currency; (i) for payments for goods, works and services - from UAH 100,000 to UAH 150,000 (in the equivalent (≈ EUR 1,987 to 2,981).
- Since September 6, 2024, the NBU has set a monthly limit of an equivalent of UAH 500,000 (≈ EUR 9,935) for payments to FX accounts abroad using payment cards issued by Ukrainian banks, for transactions under the merchant category code 6513 (real estate agents and managers). Transactions under this code are executed to pay management fees, rental fees, and other related commissions.
- Starting from August 6, conditions are created for converting a resident borrower’s external loan into equity: a non-resident creditor may transform the borrower’s debt into a contribution to its charter capital through a set-off of mutual claims.
- From September 18, 2025, the National Bank has enabled postal operators and international transport carriers to make cross-border transfers for the purpose of paying customs payments, the final recipients of which are the US customs/tax authorities.