The NBU is preparing a new stage of easing foreign exchange restrictions for businesses

The NBU is preparing a new stage of easing foreign exchange restrictions for businesses

The National Bank is considering a new phase of easing currency restrictions in Ukraine, which were introduced on the first day of the full-scale invasion on February 24, 2022, for the population and businesses.

The regulator informed the banks about this in a telegram, which came into the possession of the media.

In particular, the National Bank is studying the possibility of allowing a wide range of bank clients to make foreign currency transfers for judicial settlements. The document indicates that it concerns businesses, and the wording of the purpose of the overseas payment is as follows:

“For carrying out operations to pay registration, arbitration, court fees, including advance payments to cover arbitration and court costs, conducted within measures for the preparation, submission, and consideration of claims in international commercial and investment arbitrations, foreign courts, as well as payment of advance payments to cover and monetary security in enforcement proceedings conducted by foreign bodies or entities authorized to enforce decisions of foreign courts in the respective foreign jurisdictions.”

On February 24, 2022, Ukrainian enterprises were prohibited from making payments with such a purpose, with exceptions only for three categories:

- State enterprises.

- Business associations 100% of whose shares (stakes) are owned by the state.

- Legal entities in case of procurement of defense goods (including works, services) to meet state needs, according to state contracts.

Now the National Bank is ready to review the list of those who can pay court expenses abroad, and therefore asked banks to survey their clients on this matter. Specifically, to find out how many clients plan to make such payments and to estimate the possible volume of such transfers.

It seems that in this way, the NBU is trying to understand how much the demand for foreign currency will increase in case of easing this restriction. The regulator asked banks to provide information by February 27, 2025.