On 11 August 2026, another set of amendments to the rules governing cross-border transfers of foreign currency values, introduced by the National Bank of Ukraine (the “NBU”) during martial law, came into force. The amendments were introduced by NBU Board Resolution No. 90 dated 10 August 2026 to NBU Board Resolution No. 18 “On the Operation of the Banking System During Martial Law” (the “Resolution No. 18”).
The new rules represent another step in the NBU’s gradual liberalisation of foreign exchange regulation and apply to both individuals and legal entities. According to expert assessments, this is the largest package of foreign exchange restrictions easing since the beginning of the full-scale invasion.
For businesses, the amendments broaden the possibilities for settlements with non-residents, including dividend payments, certain corporate expenses abroad and the performance of other foreign currency obligations expressly permitted under Resolution No. 18.
This article outlines the key changes applicable specifically to legal entities, excluding banks.
New limit for cross-border business transfers
As a general rule, Resolution No. 18 prohibits cross-border foreign currency transactions unless they are expressly permitted by the Resolution.
At the same time, the NBU introduced a new mechanism allowing resident legal entities located in Ukraine and operating under Ukrainian law to make additional cross-border transfers within a special limit (the “Limit”).
The amount of the Limit is linked to the amount of funds transferred by a Ukrainian resident company to military units of the Armed Forces of Ukraine and the National Guard of Ukraine to support the state’s defence capability and mobilisation readiness during martial law. The Limit is formed based on funds actually transferred to the relevant military units from 10 August 2026.
The Limit may be used for the following transactions:
- payments for imports of goods supplied on or before 23 February 2021;
- refunds to non-residents of prepayments (advances) received by a Ukrainian legal entity under sale and purchase agreements for goods concluded on or before 23 February 2022;
- interest payments to discharge obligations under loan or credit agreements under which the financing was received in full or in part and which were concluded before 20 June 2023;
- dividend payments to non-residents;
- financing the maintenance costs of separate subdivisions abroad.
Conditions for using the Limit
The above transactions may be carried out only if all of the following conditions are met:
- the amount of assistance transferred to the Armed Forces of Ukraine and the National Guard of Ukraine must be confirmed by financial statements audited by one of the Big Four firms (Deloitte, PwC, KPMG or EY), together with the relevant auditor’s report;
- the transactions are carried out solely using the legal entity’s own funds in foreign currency that were neither purchased nor borrowed under a loan or credit arrangement;
- the foreign currency transfer is made directly by that Ukrainian legal entity.
Transactions within the Limit may be carried out through one servicing bank only, selected by the legal entity. The company must submit its financial statements, auditor’s report and other supporting documents confirming the contribution to that bank before the relevant foreign currency transaction is processed.
Important: foreign currency cannot be purchased for transactions within the Limit
A company may use only its own foreign currency funds already at its disposal for transactions within the Limit. Purchasing foreign currency for such transactions is not permitted (subparagraph 4 of paragraph 12 of Resolution No. 18).
How related companies may use the Limit
The NBU also allows the Limit to be used by related parties.
In particular, one Ukrainian legal entity may use the Limit of another related Ukrainian legal entity if all of the following requirements are met:
- the companies qualify as related parties within the meaning of subparagraph 14.1.159 of the Tax Code of Ukraine;
- all foreign currency transactions are carried out through the same bank;
- the servicing bank receives written consent for full or partial use of the Limit by the related party.
Other changes
In addition to the new Limit, the NBU introduced several other amendments to Resolution No. 18, including the following:
- The monthly limit for corporate expenses abroad was increased from UAH 150,000 to UAH 400,000 for payments for goods (except transactions using merchant category code (MCC) 6211), works and services made with corporate electronic payment instruments from all hryvnia accounts held by the bank’s customer (paragraph 3 of subparagraph 8 of paragraph 14 of Resolution No. 18).
- Payments for goods, works and services abroad using electronic payment instruments funded from foreign currency accounts are permitted without limitation, except for certain cases established for individuals (paragraph 4 of subparagraph 8 of paragraph 14 of Resolution No. 18).
- Foreign currency transfers under foreign trade agreements for the export of goods are permitted for payment of fines, penalties, bonuses, reimbursement of expenses and compensation for losses, provided that the total amount of such transfers during a calendar year does not exceed 10% of the value of goods supplied to the non-resident under the relevant agreement after 23 February 2021 (subparagraph 65 of paragraph 14 of Resolution No. 18).
- Transfers abroad are permitted for payment of registration fees for participation in congresses, conferences and other international scientific events, up to EUR 1,000 (or equivalent) per event (subparagraph 66 of paragraph 14 of Resolution No. 18).
- Transfers are permitted in favour of foreign legal entities whose participants include a foreign state, other than the aggressor state, under agreements covering risks of loss or damage to assets and/or loss of income from such assets in Ukraine due to political risks or political violence risks (subparagraph 27 of paragraph 14 of Resolution No. 18).
- Foreign currency transfers abroad are permitted for the return of grant funds received from foreign governments, institutions involving foreign states, organisations administering UN funds, and international funds (subparagraph 25¹ of paragraph 14 of Resolution No. 18).
- The procedure for paying dividends to foreign investors has been simplified: for the purposes of the minimum 12-month operating period required for dividend payments, a legal entity may also count the period of operation of the legal entity to which it is the legal successor (subparagraph 46 of paragraph 14 of Resolution No. 18).
What this means for businesses in practice
The amendments broaden the possibilities for Ukrainian legal entities to settle with non-residents, particularly for companies that support the Armed Forces of Ukraine and the National Guard of Ukraine. At the same time, using the new Limit requires advance preparation, including an auditor’s report from a Big Four firm, selection of a single servicing bank and collection of supporting documents.
Companies planning to use the new options should assess in advance which transactions and limits apply to their circumstances, taking into account the numerous conditions and restrictions set out in Resolution No. 18. For detailed advice and support in applying the new rules, you can contact the Smartsolutions team.
FAQ
Which companies can use the new Limit?
The Limit is available to resident legal entities that made contributions for the state’s defence capability and mobilisation readiness, with military units of the Armed Forces of Ukraine or the National Guard of Ukraine as the ultimate recipients. The right to use the Limit arises if those contributions are confirmed by financial statements and an auditor’s report issued by a Big Four firm, and the transactions are carried out using the company’s own funds through one servicing bank.
How is the amount of the Limit determined?
The amount of the Limit depends on the total amount of the company’s qualifying charitable contributions.
What transactions can be carried out within the Limit?
The Limit may be used for certain payments for imported goods, refunds of advances to non-residents under specified sale and purchase agreements, performance of certain obligations under loan or credit agreements, dividend payments and financing the expenses of separate subdivisions abroad.
Can a company purchase foreign currency for transactions within the Limit?
No. Transactions within the Limit may be carried out only using the company’s own foreign currency funds. Purchasing foreign currency for these transactions or using funds raised under a loan or credit arrangement is not permitted.
Can a company use the Limit of a related company?
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