Business supports easing currency restrictions, hopes for consideration of other proposals
Member companies of the European Business Association (EBA) and the Union of Ukrainian Entrepreneurs supported a package of easing currency restrictions, which includes permission to repatriate dividends for 2023, expansion of forward contracts, support for the jewelry industry and additional opportunities for companies supporting the Armed Forces of Ukraine, while hoping for consideration of other proposals.
The union believes that providing opportunities for dividend repatriation, expanding hedging of currency risks and simplifying currency transactions are important steps that will contribute to the development of business in Ukraine.
"Of course, there are other aspects that also require attention, such as increasing the terms of currency control, protecting banking secrecy, simplifying lending procedures for small businesses, the ability to pay the principal and interest on loan agreements, funds concluded and received under them before the full-scale invasion," the press service of the EBA emphasized in a comment to the Interfax-Ukraine agency.
In turn, the EBA notes that the new package of liberalization measures demonstrates the effectiveness of the dialogue between the business community and the regulator and takes into account a number of key proposals that the association voiced during 2024 and 2025.
"The National Bank’s decision to allow resident maritime agents to transfer unused funds abroad to non-resident ship owners fully reflects the EBA’s proposal from February 25, 2025 and resolves a critical issue for Ukraine’s maritime industry. Moreover, the ability to transfer dividends for 2023 is an important step towards businesses that have accumulated substantial amounts of undistributed profits," the EBA said.
"The return of forward contracts, including those without delivery of the underlying asset, and the option to purchase currency for hedging import operations, respond to long-standing demands of the business community. Additionally, under the incentive-based liberalization framework, businesses now have expanded opportunities to finance the activities of their foreign representative offices and are permitted to pay for “old” import deliveries, provided they support the Armed Forces of Ukraine. This creates the right incentives for business," it said.
"Further business proposals pending consideration: full liberalization of “old” dividends (for the period before 2024), increase of the dividend limit to EUR 3 million per month, permission to repay intra-group loan agreements to support servicing of Eurobond obligations, lifting the requirement for the absence of overdue credit debt, transfers for non-resident employees in the amount of $15,000–$20,000/month to support their families abroad, increased limits for corporate cards used outside Ukraine," the report says.
