THE NATIONAL BANK OF UKRAINE HAS UPDATED A NUMBER OF CURRENCY RESTRICTIONS
The NBU has updated a number of currency restrictions to bring them in line with current legislation.
Firstly, starting from 1 December 2023, a new procedure for the import of humanitarian aid was introduced by the CMU Resolution No. 953 "Some Issues of Humanitarian Aid Transit and Accounting under Martial Law" dated 5 September 2023 (as amended).
In this regard, the NBU has clarified the grounds for banks to correctly complete currency supervision of residents' compliance with the deadlines set by the NBU for settlements on imports of products imported to Ukraine as humanitarian aid starting from 1 December 2023.
Secondly, on 24 December 2023, the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving State Regulation of Financial Services Markets" No. 3498 IX dated 22 November 2023 (Law No. 3498) came into force. In particular, it amended the Law of Ukraine "On Banks and Banking Activities".
In order to bring the NBU's regulations in line with Law No. 3498, the NBU has granted a temporary (until 31 December 2024) opportunity for the non-cash sale (exchange) of bank customer funds in Russian/Belarusian rubles, if the said transaction is carried out in accordance with the requirements of clause 18 of section VII of the Law of Ukraine On Banks and Banking Activities.
Conditions for such transactions:
if non-resident banks (except for resident banks of the Russian Federation and the Republic of Belarus and banks subject to special economic and other restrictive measures in accordance with the Law of Ukraine "On Sanctions"), where correspondent accounts of resident banks in Russian / Belarusian rubles are opened, unilaterally decide to convert (exchange) Russian / Belarusian rubles for another currency;
the sale (exchange) of Russian / Belarusian rubles may be carried out at the request of a bank's client once for each type of currency - Russian rubles and Belarusian rubles.
These and other technical amendments were introduced by Resolution of the Board of the National Bank of Ukraine No. 17 "On Amendments to Resolution of the Board of the National Bank of Ukraine No. 18 dated 24 February 2022" dated 05 February 2024, which will come into force on 07 February 2024.
Source: https://bank.gov.ua/ua/news/all/natsionalniy-bank-pomyakshuye-nizku-valyutnih-obmejen
