Current Foreign Exchange Regulations in Ukraine

According to Resolution No. 410 On settlement of the situation on monetary and currency markets of Ukraine of 13 December 2016, taking into account the changes introduced by Regulation of the Management of the National Bank of Ukraine No. 31 of 29 March 2018, the following restrictions apply to the Ukrainian financial and currency markets:

• mandatory sale of the foreign currency proceeds received by legal entities at 50%;
• restriction on purchase of cash in foreign currency by natural persons in the amount of UAH 150,000 per day;
• prohibition to settle payments with natural persons in the amount exceeding UAH 50,000 per day;
• restriction on settlements for operations with export-import of goods to 180 days;
• restriction on early repayment of loans granted by non-residents;
• term of UAH reservation for purchase of foreign currency on the interbank currency market on one day;
• restriction on mutual settlement of claims under export contracts.

Regarding the repatriation of dividends, pursuant to Resolution No. 410, the amount of dividends that can be repaid to foreign investors for corporate rights and shares for the period before 2017 should not exceed USD 7,000,000 per one calendar month.

According to the Resolution of the Management of the National Bank of Ukraine dated back to 2 March 2018, the discount rate is set at 17% per annum.

The Verkhovna Rada of Ukraine is currently discussing the On the Currency draft law, , the adoption of which will have a significant impact on the foreign exchange regulations reform.