The National Bank of Ukraine allowed cross-border transfers intended for repaying credits and loans from non-residents 

Effective September 2022, the National Bank of Ukraine (“NBU”) allowed resident legal entities to make cross-border remittances intended for paying interest on credits/loans obtained from non-residents, subject to simultaneous compliance with certain conditions in accordance with the NBU’s Decree No. 18 dated 22 February 2022 (“Decree No. 18”).

On 16 June 2023, yet another amendments to Decree No.18 came into force that allow cross-border transmittances intended for fulfilling debt obligations to non-residents on credits/loans received by residents.

Updated list of permitted cross-border transfers from Ukraine

Decree No. 18 was amended by the NBU’s Decree No. 73 dated 15 June 2023.
In fact, the regulator allowed residents to make cross-border transmittances for the purpose of fulfilling debt obligations on credits/loans obtained from non-residents, including repayable financial aid that was, fully or partially, provided through:

• An international financial organization – by providing guarantees, surety; or
• A foreign export credit agency/a foreign state through its authorized entity/a foreign entity whose members (shareholders) include a foreign state or a foreign bank (whose member/shareholder is a foreign state) – by providing loans, insurance, guarantees, surety.

The transmittances permitted by the NBU include repayment of credits/loans received by residents, payment of interest on credit/loan, and other payments to non-residents as specified in the relevant credit/loan agreements.

However, no such transmittances will be allowed until due dates specified in the relevant credit/loan agreements with non-residents.

We will continue to monitor changes in currency legislation during martial law and will share useful information with you.

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