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August 2026 – Ukraine’s currency regulations have, since 2019, been based on the principle that “anything not expressly prohibited by law is permitted”. With the entry into force of Law of Ukraine No. 2473-VIII “On Currency and Currency Operations,” dated 21 June 2018 (the “Currency Law”), the requirement to obtain an individual licence from the National Bank of Ukraine (the “NBU”) in order to open an account and hold funds abroad was abolished.
In light of these changes, Ukrainian companies have generally been free to open accounts with foreign banks and other financial institutions and use these for business activities, including to receive funds from foreign sources.
However, the liberalisation of rules governing foreign accounts did not eliminate all applicable regulatory obligations. Indeed, the Currency Law authorises the NBU to collect statistical data on accounts held by residents outside Ukraine and on any transactions conducted through such accounts.
For businesses, this means that merely opening an account abroad may trigger an obligation to submit specific statistical reports to the NBU.
The key reporting requirements are set out in the Rules for Organising Statistical Reporting Submitted to the National Bank of Ukraine during a Special Period, approved by Resolution of the NBU Board No. 140, dated 18 December 2018 (“Rule No. 140”).
This overview details exactly to whom the above obligation applies, the reporting intervals, and the precise nature of the information to be submitted.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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