In May 2022, the NBU permitted Ukrainian residents to make payments from Ukraine abroad under contracts for sale of goods with nonresidents, provided that such contracts are financed by an IFI loan or a loan from the state of Ukraine funded by an IFI loan. Notably, payments from Ukraine abroad under loans extended by IFIs have not been restricted since martial law was introduced in Ukraine in February 2022.
These recent changes come amid the martial law regime, which has been in effect in Ukraine since 24 February 2022. The martial law led to significant restrictions on capital outflow and tightened foreign exchange controls. Although the changes mentioned above can be viewed as a positive development, the broader foreign exchange regime in Ukraine remains severely restricted, with transactions not explicitly permitted by the NBU remaining prohibited during the martial law period or until the NBU lifts these restrictions.
Click here to access the Ukranian version.