BDO talks on cross boarder payments during martial law in Ukraine

13/ 06/ 2023

Author: Iryna Pavliuk, Senior Lawyer in BDO in Ukraine Pursuant to clause 31 of the Regulation on Transactions with Currency Valuables, approved by the Resolution No. 2 of the Board of the National Bank of Ukraine dated January 2, 2019, dividends may be paid to non-residents only through banks. And according to clauses 12, 14 of the Resolution of the National Bank of Ukraine No. 18 On the operation of the banking system during the period of martial law dated 24. February 2022, there is a ban on the purchase and transfer of foreign currency to non-resident accounts for the payment of dividends abroad. You may also be interested in: Why is it important for Ukrainian talents to work for Ukrainian entity? In other words, it is currently (during martial law) impossible to buy foreign currency and transfer dividends to a non-resident in foreign currency abroad. Despite the fact that this publication has been carefully prepared by the companys specialists, it can only be used to get a general idea of the subject discussed in it. It is not recommended to use the information presented in the publication as professional advice on a specific issue. Prior to making any decision or taking any action that may affect your finances or business, a qualified professional advisor should be consulted. Please, contact BDO in Ukraine for advice.

Author: Iryna Pavliuk, Senior Lawyer in BDO in Ukraine

Pursuant to clause 31 of the Regulation on Transactions with Currency Valuables, approved by the Resolution No. 2 of the Board of the National Bank of Ukraine dated January 2, 2019, dividends may be paid to non-residents only through banks. And according to clauses 12, 14 of the Resolution of the National Bank of Ukraine No. 18 “On the operation of the banking system during the period of martial law” dated 24. February 2022, there is a ban on the purchase and transfer of foreign currency to non-resident accounts for the payment of dividends abroad.

You may also be interested in: Why is it important for Ukrainian talents to work for Ukrainian entity?

In other words, it is currently (during martial law) impossible to buy foreign currency and transfer dividends to a non-resident in foreign currency abroad.

Despite the fact that this publication has been carefully prepared by the company’s specialists, it can only be used to get a general idea of the subject discussed in it. It is not recommended to use the information presented in the publication as professional advice on a specific issue. Prior to making any decision or taking any action that may affect your finances or business, a qualified professional advisor should be consulted. Please, contact BDO in Ukraine for advice.