Starting August 6, 2025, the National Bank of Ukraine (NBU) will implement a comprehensive package of currency liberalization measures aimed at supporting businesses, encouraging foreign investment, and maintaining stability in the currency market.
Below is a summary of the key changes:
✅ 1. Dividend Repatriation Allowed for 2023
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Businesses can now transfer dividends abroad for 2023 within the monthly €1 million limit.
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Previously, only dividends starting from January 1, 2024, were eligible.
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This aims to restore investor confidence and increase capital inflow without exerting pressure on the foreign exchange market.
✅ 2. Forward Contracts Now More Flexible
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Businesses may now sell currency to banks via forward contracts without delivery.
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Legal entities and sole proprietors can buy currency via forward contracts with delivery to hedge import-related risks.
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Banks may only conduct such transactions using currency acquired from other clients under similar terms, ensuring market balance.
✅ 3. Foreign Currency Refunds Now Permitted
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Ukrainian businesses and individuals can now return mistakenly credited foreign currency, boosting trust in cross-border financial flows.
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The application must be filed within three business days of notification from a foreign bank.
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Maritime agents are also allowed to return unused funds to shipowners or principals abroad.
✅ 4. Unified Rules for Foreign Loans
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Ukrainian companies may now repay loans to non-IFI members of a creditor pool, if they are top-rated foreign banks (minimum "A" rating).
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Allows broader servicing of syndicated loans and settlement of recourse claims by guarantors or insurers.
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Aligns rules for IFI-backed loans with those involving export credit agencies.
✅ 5. Stimulating Currency Liberalization Continues
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Dividend repatriation is added to the list of transactions exempt from investment limits, provided the business attracted foreign investment after May 12, 2025.
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Incentives for companies supporting the Armed Forces of Ukraine:
Eligible businesses may conduct cross-border payments outside restrictions up to the amount donated to the NBU’s special military account.
Permitted uses include:-
Settling pre-war import debts (before Feb 23, 2021)
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Returning pre-paid amounts to non-residents (from before Feb 23, 2022)
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Repaying loans signed before June 20, 2023
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Funding foreign branches or repatriating dividends
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✅ 6. Debt-to-Equity Conversion Now Supported
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Resident companies can convert foreign loans into equity contributions, allowing banks to record these as reduced obligations in the AIS system.
🧭 Strategic Goal
These changes are part of the NBU’s gradual strategy to liberalize currency controls without destabilizing the market, in line with Ukraine’s IMF commitments and EU integration roadmap.
The reforms aim to stimulate business activity, encourage long-term investment, and increase transparency in cross-border financial operations — all while maintaining macroeconomic stability.
