On the partial easing of foreign exchange restrictions as of May 1, 2026

By Resolution of the Board of the National Bank of Ukraine No. 43 dated April 23, 2026, “On Amendments to Resolution of the Board of the National Bank of Ukraine No. 18 dated February 24, 2022” (hereinafter – the Resolution), which entered into force on April 25, 2026, the existing foreign exchange restrictions have been partially eased.

As stated in the preamble to the Resolution: “The amendments are aimed at ensuring the uninterrupted operation of defense enterprises, attracting highly qualified specialists to the governing bodies of Ukrainian companies and banks, supporting military personnel, as well as Ukrainians abroad.”

In particular:

1. In order to facilitate the timely fulfillment by defense enterprises of their obligations to state customers and to ensure the proper functioning of Ukraine’s defense-industrial complex, the conditions for purchasing foreign currency have been simplified.
2. The opportunities for purchasing foreign currency and transferring it abroad have been expanded for non-resident military personnel to attract foreign legion members to the defense forces. As of May 1, 2026, such military personnel will be able to purchase and transfer foreign currency abroad without limitations in the amount of monetary allowance received, provided such funds have been credited to their account. For funds credited to a servicemember’s account before May 1, 2026, a monthly limit of up to UAH 400,000 (or its equivalent) will apply. Banks are also allowed to credit funds in hryvnia within Ukraine from resident legal entities, resident individuals, and non-residents to current accounts of all non-resident military personnel regardless of their citizenship.
3. Identification and verification of military personnel when opening accounts will be carried out on the basis of a military registration document, military ID, officer’s ID, or general’s (admiral’s) ID.
4. Ukrainian resident legal entities are allowed to purchase and transfer foreign currency to accounts of non-resident individuals opened outside Ukraine for the purpose of engaging highly qualified non-resident specialists in Ukrainian companies, as well as to accounts of individuals who are members of supervisory boards/boards of directors/executive bodies of such companies, in the amount of payments accrued from May 1, 2026 under civil law agreements.
5. Non-resident individuals will be able to purchase and transfer foreign currency abroad in the amount of funds received from May 1, 2026 to their accounts in national currency in Ukrainian banks as salaries, other payments received in accordance with the Law of Ukraine “On Remuneration of Labor,” and payments under civil law contracts. Banks acting as foreign exchange control agents will supervise such transactions based on a risk-oriented approach.
6. The National Bank of Ukraine has ensured appropriate conditions for cross-border transfers by the government agency LLC “Agency of National Unity” using budget funds. Through this agency, financing will be provided for measures aimed at supporting Ukrainians abroad and facilitating their return to Ukraine.
7. The requirement for insurers to submit monthly calculations confirming compliance with solvency requirements for the purpose of being included in the list of insurers authorized to carry out reinsurance operations with non-resident reinsurers has been abolished.