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

Oleksandr Melnyk

Partner, Head of Corporate Law and M&A practice, Attorney at law

Practices | Sectors

1174

Related insights

GOLAW is highly recognized in the international ranking The Legal 500 EMEA 2024

02 April 2024 News

GOLAW is highly recognized in the international ranking The Legal 500 EMEA 2024

Read
Continuous development and career advancement makes each member of the GOLAW team even better, more successful, and more professional 💪🏻

22 March 2024 News

Continuous development and career advancement makes each member of the GOLAW tea...

Read
⚡️ Our firm was ranked by The Legal 500 Green Guide: EMEA 2024 for contributing to the development of sustainable and green energy 🌱

04 March 2024 News

⚡️ Our firm was ranked by The Legal 500 Green Guide: EMEA 2024 for contributing ...

Read
View all

We use cookies to improve performance of our website and your user experience.
Cookies policy Cookies settings

Please read the provisions of the privacy policy and the processing of personal data carefully Cookies policy.

I consent to the processing of personal data in accordance with the privacy policy and the processing of personal data

I want to receive a mailing

We use cookies to improve performance of our website and your user experience. Cookies policy Hide settings

Thank you for your trust!

Your request for a consultation has been received, and our experts will be in touch with you shortly.

Go to main page
Thank you for subscribing to our newsletter!

Going forward, you will remain informed about the latest and most significant legislative updates, expert publications, and forthcoming event announcements.

Go to main page