The National Bank of Ukraine has eased foreign exchange (FX) restrictions and clarified elements of currency regulation to support Ukrainian businesses. The package introduces a new loan-based limit under the NBU’s “stimulating” FX liberalization, allows certain FX refunds from Ukrainian sellers to consumers’ foreign bank accounts, and refines currency supervision rules on export settlement deadlines. A new “stimulating loan limit” is set equal to the volume of foreign-currency funds received under a loan from abroad and credited to a company’s account with a Ukrainian bank after 1 January 2026. Within that limit, businesses can execute specified outward transactions, including repaying “old” external loans received before 20 June 2023 and related interest, settling imports of goods delivered on and before 23 February 2021, refunding non-resident buyers’ advance payments for goods prepaid before 23 February 2022, financing own foreign standalone units above the established limit, and repatriating dividends above the established limit. The limit is reduced as principal is repaid, FX transactions must be conducted through the bank where the loan was received, and loan terms must meet the general conditions for “new” external borrowings, including a maximum 12% per annum interest rate, a prohibition on early repayment, and rules for interest and principal payments using own and, from the second year, purchased FX. Separately, domestic sellers and manufacturers may transfer FX to individuals’ accounts with foreign banks to refund returned or undelivered goods, provided refunds go back to the original paying account, do not exceed the purchase value in the payment currency, and follow the Law of Ukraine On Consumers Rights Protection. On export settlement deadlines, the NBU excluded from deadline requirements goods exports where the right of claim has been transferred to Export Credit Agency PrJSC for the amount of insurance claim payments, and removed the export of insurance services from the list of transactions subject to settlement deadlines. The changes were implemented through NBU Board Resolutions No. 2 and No. 3, approved on 13 January 2026 and in force from 14 January 2026.
National Bank of Ukraine 2026-01-14
National Bank of Ukraine eases foreign exchange controls with a new stimulating loan limit and updated export settlement and refund rules
The National Bank of Ukraine has eased foreign exchange restrictions and clarified currency regulation to support businesses, introducing a new loan-based limit under its FX liberalization and refining rules on export settlement deadlines. Key changes include allowing certain FX refunds to foreign accounts, setting conditions for outward transactions, and excluding specific exports from settlement deadlines, effective from 14 January 2026.