Analysis from KPMG Law Ukraine
On May 3, 2024, the National Bank of Ukraine took a significant step toward the country’s economic recovery by adopting Resolution No. 56, which abolishes a series of currency restrictions imposed due to the state of war. This decision represents the most substantial easing of currency regulations since the beginning of the full-scale war. The measures are aimed at improving business conditions, attracting investments, and the overall recovery of Ukraine’s economy, which are crucial steps towards stabilizing the financial environment and enhancing the confidence of international investors in the Ukrainian economy.
The specific changes introduced by the NBU Resolution are explained by KPMG Law Ukraine experts – Yuriy Katser, Director and Head of Legal Services, and Bohdan Shyshkovskyi, Senior Manager of Legal Services.
Aside from the potential repatriation of dividends, which will be enacted on 13 May 2024, the key changes that entered into force on 4 May 2024 include the following:
Director, Tax & Legal, Head of Legal Services
KPMG in Ukraine
Senior Manager, Banking and Financial law, Legal Advisory, Tax & Legal
KPMG in Ukraine
The NBU also now permits the purchase of foreign currency on behalf of state enforcement officers at the expense of funds recovered from the state, state-owned enterprises, and legal entities, provided that these funds are transferred to the recoverer’s accounts opened in Ukraine. Transferring funds recovered from state/state-owned enterprises and legal entities in the course of enforcement proceedings is also permitted.
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