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National Bank of Ukraine Alleviates Currency Control Rules

The National Bank of Ukraine (the "NBU") has recently simplified some currency control rules. Below are the brief highlights of the major changes: Cancelling individual licenses for Ukrainian individual residents From now on, no NBU individual licenses will be required for Ukrainian individual residents (other than private entrepreneurs): to deposit and hold funds (e.g., salaries, pensions) accumulated from abroad on their foreign bank accounts; and to make foreign investments (e.g., purchase of real estate, shares) using their funds originated from abroad. However, if Ukrainian individuals make investments or place funds on bank accounts abroad from Ukraine, such operations will still be subject to licensing. Relaxing foreign currency exchange rules for Ukrainian businesses Ukrainian legal entities and private entrepreneurs may purchase foreign currency if they hold less than USD 100,000 (or its equivalent in another foreign currency) on their current or deposit accounts. Formerly, this threshold amount was USD 25,000. New ground for NBU to reject individual licence application From now on, the NBU will refuse to issue individual licenses for certain operations (e.g., for making investments abroad) if they involve, or are made for the benefit of, or in the interest of, a Russian individual or legal entity.

For further information please contact Asters' partner Constantin Solyar,
senior associate Maryna Golovko and junior associate Roman Podzizei.