The National Bank of Ukraine relaxes currency restrictions

For the second time this year, the National Bank of Ukraine significantly updated existing currency restrictions on 5 August 2025, further relaxing regulations and continuing to implement their strategy of stimulating and supporting the Ukrainian economy through currency liberalisation.

• Repatriating dividends for 2023. The NBU expanded the companies’ right to pay dividends, noting that (subject to compliance with already established requirements) companies can now pay accrued dividends based on the results of their activity in the period starting from 1 January 2023.
• Expanding the investment limit for dividend transactions. Within the investment limit introduced in May 2025, dividends may now be paid to foreign investors/non-residents in excess of the established limit for dividend payments (i.e. more than EUR1 million per month).
• Expanding investment limits equivalent to donations to the Armed Forces of Ukraine. Alongside already implemented relaxations and restrictions, the NBU has also introduced a potential mechanism to conduct currency transactions above the established limits through donations to the Armed Forces of Ukraine. Following 7 August, additional currency transactions may now take place in amounts equivalent to company funds transferred to a specially designated NBU account in support of the Armed Forces of Ukraine. Such currency transactions may be conducted in either Ukrainian hryvnia or foreign currency, but must be carried out at the expense of the company's own currency (i.e. not received in the form of a loan or credit).
• Early repayment of debt obligations by offsetting share capital. The NBU has cancelled restrictions on residents for early repayment of debt obligations under loans to non-residents, so long as said operations offset loans under the resident borrower’s specified obligations by increasing the resident borrower’s share capital by said non-resident.
• Return of mistakenly transferred funds. From 7 August 2025, the NBU now permits the bank’s clients to return mistakenly transferred funds in foreign currencies that were credited from abroad to Ukrainian customer accounts, so long as the amount returned does not exceed the mistakenly credited funds. Such a return occurs subject to the bank receiving notification of the mistaken transfer of funds from a non-resident bank and should take place within three business days from the date such notification is received.
• Fulfilling certain debt obligations to non-resident foreign banks. The NBU now permits transferring funds to fulfil debt obligations to non-resident creditor banks (with a credit rating of no lower than "A" according to Standard & Poor or Fitch, or "A2" according to Moody's Investors Service classification). Such transfers may take place if said foreign bank is included in the pool of non-resident creditors for loans provided with international finance institution participation. Transactions to satisfy rights to a non-resident's claim as a guarantor, surety (pledgee), or insurer to a resident's obligations under such loans are also permitted from now on.
• Promoting the functioning of the domestic jewellery market. The NBU permits legal persons and enterprises to purchase investment metals, provided that: a) they are engaged in the sale of jewellery, b) the purchase volume per month does not exceed one-twelfth their retail jewellery sales for 2021, and c) such activity is confirmed by relevant contracts and other documents.