Financial sector news

The National Bank of Ukraine emphasizes that the current currency regulation does not create barriers to new investments and borrowing. “All decisions adopted on currency liberalization allow us to clearly state that non-residents can invest in the capital of Ukrainian enterprises or provide loans with guarantees for the withdrawal of dividends and timely debt payments,” said the NBU Governor.

According to Andriy Pyshnyy, the currency restrictions currently in place mainly concern investments and loans attracted before the start of the full-scale war. At the same time, a number of accessible mechanisms are provided for such operations, including within the framework of stimulating currency liberalization.

In particular, the following are already operational:

• Eurobond servicing. Businesses can pay coupon payments on Eurobonds. To do so, they are allowed to transfer dividends abroad in excess of the established limit;
  
  
• repayment of “new” external loans. If the loan was taken out after June 20, 2023, the maximum interest rate is 12% per annum, and the funds were received in Ukraine, then businesses can repay the principal amount of the loan and interest. In the first year of using the loan, this can be done using their own currency, and starting from the second year, they can also purchase currency for this purpose;
• servicing “old” loans. If the loan was taken out before June 20, 2023, and as of February 24, 2022, there were no arrears on it, it is permitted to: 1. make scheduled interest payments in full; 2. pay arrears accumulated from February 24, 2022, to May 1, 2024, within the limit (EUR 1 million/month);
  
  
• repatriate dividends within the limit of EUR 1 million per month for dividends for 2023-2025. Businesses can use repatriated funds, including to fulfill obligations under intra-group loans. Thus, more than 410 companies have already taken advantage of the opportunity to pay interest on “old” external loans, and more than 940 companies have taken advantage of the opportunity to repatriate “new” dividends.
  
  
• A mechanism for stimulating currency liberalization based on the principle of “new funds – new opportunities.” Within the investment limit corresponding to the amount of funds attracted from abroad to the authorized capital of enterprises, certain currency transactions are allowed in excess of the general restrictions. Investment limit = the amount of funds attracted from abroad in foreign currency to the authorized capital of companies from May 12, 2025. It is thanks to this mechanism that $23 million was “introduced” into the capital of a Ukrainian enterprise and then used within the investment limit to fulfill external debt obligations.
  

Separately, the regulator provides for the application of a “donation” limit equal to the amount of funds transferred by the enterprise from August 7, 2025, to a special account of the NBU for raising funds to support the Armed Forces of Ukraine.
The head of the NBU noted that efforts to stimulate investment activity are being carried out with due regard for the need to maintain macrofinancial stability. At the same time, the NBU is working on developing capital market infrastructure, introducing mechanisms for insuring military risks, and harmonizing regulation with European Union standards in order to prepare the financial system for large-scale post-war reconstruction.