The National Bank has introduced currency restrictions for Ukrainians abroad. The bank believes that this step will help prevent unproductive capital outflow from the country. Find out what the restrictions apply to and what limits are set

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Starting from 10 September, the National Bank of Ukraine will impose currency restrictions on the use of bank cards abroad. The limits will be set for transactions for the purchase of certain goods.

What goods are subject to the restrictions?

The NBU's restrictions apply to the purchase of watches, jewellery, silverware, precious stones, coins, etc. abroad. 

It should be noted that similar restrictions on purchases abroad have been in place before, but they applied only to hryvnia cards issued by Ukrainian banks. They did not apply to foreign currency cards.

What limits are set?

The National Bank sets a monthly limit of UAH 100 thousand in equivalent for payments abroad using payment cards opened by Ukrainian banks to foreign currency accounts, for transactions with merchant codes 5094 (precious stones, metals and jewellery), 5944 (silver jewellery) and 5972 (coin and stamp shops).

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Restrictions are also introduced on transactions with real estate agents and managers abroad.

A monthly limit of UAH 500,000 is set in the equivalent of a transaction with the merchant code 6513 (real estate agents and managers). Transactions with this code are used to pay management fees, accommodation fees and related commissions.

Four types of transactions are subject to the restrictions. Non-cash foreign currency payments for all other goods and services by Ukrainians can continue to be made without restrictions.

The NBU explains these restrictions as follows: ‘The UAH 500,000 limit takes into account the needs of Ukrainians who are outside Ukraine or travelling abroad and meets the needs of 98% of bank customers who carry out these transactions. It will help prevent attempts to circumvent the NBU's restrictions on such transactions and avoid large-scale capital outflows from Ukraine.’

We would also like to remind you that for some time now, Ukrainians have been restricted from

- p2p transfers (from individual to individual) from cards in foreign currency - no more than UAH 100 thousand per month;

- foreign payments for goods and services from hryvnia cards - no more than UAH 100 thousand per month;

- cash withdrawals abroad from hryvnia cards - no more than UAH 12.5 thousand per week and UAH 50 thousand per month.

If you need advice on financial matters, you can always turn to professionals for help. Visit Ukraine's legal department is ready to consider the most complex requests of its clients on an individual basis. You can ask for help from both a business lawyer and a real estate lawyer.

We remind you! Buying property abroad can be a profitable investment, but it requires careful preparation. You can find out how to avoid risks and protect your interests with the help of advice and legal support from our experts here.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Ihor Usyk is the Head of Legal Department at Visit Ukraine

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