During the Ukrainian crisis in 2014, the National Bank of Ukraine (the “NBU”) introduced a number of extensive currency control restrictions. Now that the macroeconomic situation in Ukraine is improving, the NBU is gradually easing these restrictions as well as implementing a more favourable regime with respect to some long-standing cross-border limitations.
Recently, the NBU has introduced the concept of the New Currency Regulation Model (the “Model”), which aims to push Ukrainian currency legislation closer to the EU standards. According to the NBU, the Model will be implemented though several steps, during which the numerous redundant legislation acts will be replaced with an advanced framework currency law; most currency restrictions will be cancelled.
This note summarises the principal developments in Ukrainian currency control rules made in accordance with the Model during the past few years.
Key changes relate to:
If you would like to know more about the subject covered in this publication, or our services, please contact Olexiy Soshenko and Olena Polyakova.