Who managed, he was able – surprises from the National Bank of Ukraine
Author: Alexander Bragin, lawyer of Dynasty Law & Investment
In the first days of the war, many of our fellow citizens left the country to escape the war. Almost everyone who traveled abroad tried to take with them the most valuable, as well as money that will allow you to stay afloat while abroad. The movement of cash across the customs border of Ukraine is regulated by the Regulations on measures to protect and determine the procedure for certain transactions in foreign currency, approved by the Board of the National Bank of Ukraine from 02.01.2019 №5 (hereinafter – Resolution №5), according to which resident individuals have the possibility of exporting outside Ukraine the amount of money equivalent to 10,000 euros, on the basis of documents confirming the origin of these funds.
On March 4, 2022, the National Bank of Ukraine relaxed the requirements for the movement of cash across the border of Ukraine by amending the Resolution of the Board of the National Bank of Ukraine of February 24, 2022 “On the operation of the banking system during martial law”. Outgoing citizens of Ukraine have a unique opportunity to withdraw funds in excess of the equivalent of 10,000 Euros, without providing supporting documents about their origin. But such a relaxation did not last long, and on March 13, 2022 the “window of unlimited cash export” abroad was closed by the same National Bank of Ukraine, by adopting the Resolution of March 13, 2022 №51 “On Amendments to the Resolution of the Board of the National Bank of Ukraine February 24, 2022 №18 “
Such unexpected “pa” from the NBU give rise to a large number of ambiguous opinions, but it is worth noting that knowledgeable people were able to use this to their advantage.
At a time when the country is at war and changes in legislation are happening at an unprecedented rate, it is very important to be aware of events in order to be able to use the novelties in time, and this applies not only to changes from the NBU.