The NBU mitigated the ban on the cross border currency transfers during the martial law
On June 15, 2023, the National Bank of Ukraine (hereinafter the “NBU”) adopted Resolution of the NBU Board No. 73, allowing the transfer of funds abroad to fulfill certain categories of obligations. Therefore, the NBU has mitigated the prohibitions on foreign currency transfers established by the NBU Board Resolution No. 18 “On the Operation of the Banking System during the Period of Martial Law” dated February 24, 2022.
In this regard, the NBU allowed resident borrowers to transfer funds abroad to repay their obligations under foreign loans and borrowings that are:
- secured by a guarantee or surety of an international financial organization;
- provided with the participation of a foreign export credit agency or a foreign state through an institution authorized by it or through a foreign legal entity whose shareholders are a foreign state or a foreign state bank.
In addition, the NBU has also determined that residents will be able to carry out such transactions in accordance with the terms of repayment and terms of interests’ payment stipulated in the loan agreement.
The respective rules came into force on June 16, 2023.
Oleksandr Melnyk
Partner, Head of Corporate Law and M&A practice, Attorney at law
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