{"id":663109,"date":"2025-08-14T07:03:56","date_gmt":"2025-08-14T04:03:56","guid":{"rendered":"https:\/\/eba.com.ua\/?p=663109"},"modified":"2025-08-14T09:10:09","modified_gmt":"2025-08-14T06:10:09","slug":"zminy-do-valyutnyh-obmezhen-vid-nbu-v-tsentri-uvagy-novi-mozhlyvosti-dlya-zaluchennya-inozemnogo-kapitalu","status":"publish","type":"post","link":"https:\/\/eba.com.ua\/en\/zminy-do-valyutnyh-obmezhen-vid-nbu-v-tsentri-uvagy-novi-mozhlyvosti-dlya-zaluchennya-inozemnogo-kapitalu\/","title":{"rendered":"[:ua]\u0417\u043c\u0456\u043d\u0438 \u0434\u043e \u0432\u0430\u043b\u044e\u0442\u043d\u0438\u0445 \u043e\u0431\u043c\u0435\u0436\u0435\u043d\u044c \u0432\u0456\u0434 \u041d\u0411\u0423. \u0412 \u0446\u0435\u043d\u0442\u0440\u0456 \u0443\u0432\u0430\u0433\u0438 \u2013 \u043d\u043e\u0432\u0456 \u043c\u043e\u0436\u043b\u0438\u0432\u043e\u0441\u0442\u0456 \u0434\u043b\u044f \u0437\u0430\u043b\u0443\u0447\u0435\u043d\u043d\u044f \u0456\u043d\u043e\u0437\u0435\u043c\u043d\u043e\u0433\u043e \u043a\u0430\u043f\u0456\u0442\u0430\u043b\u0443[:en]Amendments to currency restrictions in Ukraine create new opportunities to attract foreign capital[:]"},"content":{"rendered":"

<\/p>\n

On 6 \u2013 7 August 2025, a new package of changes to currency restrictions in Ukraine came into force. The National Bank of Ukraine (the “NBU<\/strong>“) introduced currency restrictions in February 2022, following the onset of Russia\u2019s full-scale invasion.<\/p>\n

Below we highlight the key changes introduced by the new amendments.<\/strong><\/p>\n

New opportunities for income repatriation<\/strong><\/p>\n

The NBU now allows the transfer of dividends to foreign investors that have accrued since 1 January 2023, compared to the previous rule that allowed dividends for 2024 only. However, such payments remain subject to existing requirements to make the transfer directly to the investor\u2019s foreign account with a monthly limit of EUR 1 million (or equivalent).<\/p>\n

Additionally, Ukrainian companies are now allowed to pay dividends to foreign investors within the “investment limit” framework. The \u201cinvestment limit\u201d was first introduced in the\u00a0 wave of currency reforms in May 2025 and refers to the amount of funds contributed by a foreign investor into the charter capital of a Ukrainian company on or after 12 May 2025.<\/p>\n

Enabling debt-to-equity conversion<\/strong><\/p>\n

Ukrainian borrowers are now allowed to repay foreign loans early by way of a set-off for the purpose of converting debt into share capital. Previously, such conversions were blocked, as the NBU\u2019s \u201cCredit Agreements with Non-Residents\u201d system did not permit registration of such changes.<\/p>\n

By removing this regulatory barrier, the NBU opens the door for Ukrainian companies to convert debt into equity, providing them with a viable mechanism to attract additional capital from foreign investors.<\/p>\n

Repayment of loans granted by lenders\u2019 consortium including IFIs<\/strong><\/p>\n

Ukrainian borrowers are now entitled to repay loans provided by foreign bank before 20 June 2023 with participation of international financial institutions (\u201cIFIs\u201d) in a lending pool. However, repayment is allowed in favour of foreign banks with a credit rating of no lower than \u201cA\u201d (S&P\/Fitch) or \u201cA2\u201d (Moody\u2019s).<\/p>\n

Under the new rules, full servicing of such loans is permitted, including repayment of principal, interest payments, and other obligations specified in the loan agreements. Additionally, the NBU has allowed cross-border payments to foreign guarantors, sureties, and insurers that secure the respective loan obligations.<\/p>\n

In addition, the NBU has also permitted early repayment of such loans, as well as loans backed by guarantees or sureties issued by IFIs and granted by foreign states (via authorised entities or their subsidiaries), foreign banks with state ownership, or foreign export credit agencies.<\/p>\n

Expanded options for hedging currency risk<\/strong><\/p>\n

The NBU continues to roll out measures to gradually and safely expand access to currency risk hedging tools for businesses. The latest changes introduce two major instruments:<\/p>\n