Currency restrictions on payments for imported goods eased

With the outset of hostilities, the National Bank of Ukraine imposed restrictions on the purchase of foreign currency and cross-border transfers of currency values. However, it was allowed to pay for the goods included in the list of critical imports, approved by the Resolution No. 153 of the Cabinet of Ministers of Ukraine dated 24 February 2022.

Being responsive to the needs of business, the NBU and the CMU continue to gradually reduce the currency restrictions introduced in the early war period.
Changes to the regulatory documents of the NBU and the CMU, in particular, those regarding the currency regulation of payments for the imported goods, took effect on 9 July 2022.

Restrictions on payments for imported goods lifted

By its Resolution No. 761 dated 7 July 2022, the CMU has lifted the restrictions on the purchase of foreign currency and cross-border transfers for the import of goods included in 01-97 Commodity groups of the Ukrainian Classifier of Goods of Foreign Economic Activity in accordance with the Law of Ukraine "On the Customs Tariff of Ukraine". Thus, this Resolution has actually allowed the import of all goods.

However, the restrictions on payments for the import of certain services, work, intellectual property rights and other non-property rights still continue to apply. The aforementioned Resolution No. 761 has approved an updated list of services, work, intellectual property rights and other non-property rights allowed for importation.

Other changes in currency legislation

Furthermore, amendments has been made to the Resolution No. 18 of the Board of the NBU "On operation of banking system under martial law" dated 24 February 2022, in particular:

1. The settlement period for export-import operations have been extended
   The settlement period for export-import transactions made on and after 5 April 2022 has been extended to 180 calendar days.
2. The period of use for the currency purchased for making payments has been reduced
   Effective 11 July 2022, the residents who purchase foreign currency for making settlements will be required to use such currency within 2 business days.

We will continue to follow up the changes in the currency legislation under martial law and share useful information with you.

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