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Investment into Ukraine: Capital repatriation regime and currency control restrictions
Despite the ongoing war and significant challenges, the Ukrainian legal framework continues to encourage an open and flexible investment environment. Specifically, it expressly recognizes a wide variety of investment forms and ways to repatriate investments. Below we summarize the current status of capital control rules as they apply to the key types of investment instruments. Click on one of the images below or use the following links to read our overview in English or in Ukrainian: Download in English Download in Ukrainian
Overview of the Law on Factoring: New opportunities for business financing in Ukraine
The Law of Ukraine "On Factoring" No. 4466-IX dated 3 June 2025 (the "Law") introduces a comprehensive update to existing laws governing factoring. The goal of the Law is to align Ukrainian regulations with best international standards and to establish a modern, digital, and transparent model for interaction in the receivables financing market through the assignment of monetary claims. What changes will the country’s financial markets experience due to the Law’s adoption? What new tools will Ukrainian businesses gain? The Law will take effect less than one year from now, on 30 July 2026. We offer here an overview of its key provisions, including the innovations it introduces. Click on one of the images
Amendments to currency restrictions in Ukraine create new opportunities to attract foreign capital
On 6–7 August 2025, a new package of changes to currency restrictions in Ukraine came into force. The National Bank of Ukraine (the "NBU") introduced currency restrictions in February 2022, following the onset of Russia’s full-scale invasion. Below we highlight the key changes introduced by the new amendments. 1. New opportunities for income repatriation The NBU now allows the transfer of dividends to foreign investors that have accrued since 1 January 2023, compared to the previous rule that allowed dividends for 2024 only. However, such payments remain subject to existing requirements to make the transfer directly to the investor’s foreign account with a monthly limit of EUR 1 million (or equivalent).
Open banking: Ukraine enters new stage of payments market digital transformation
The National Bank of Ukraine (NBU) enacted a series of regulations on 1 August 2025 that establish an open banking system in Ukraine and significantly improve the regulatory environment for modern fintech services. The new legal framework sets out clear legal standards for secure data sharing, API-based payment services, and third-party access to user accounts — all aligned with the EU’s PSD2 Directive. The reforms are important step in the digital transformation of Ukraine’s financial services market. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
NBU revises currency restrictions: Support for businesses and targeted enhancement of currency supervision
On 9 May 2025 the National Bank of Ukraine (NBU) published new amendments to existing currency restrictions introduced in February 2022, following the launch of Russia’s full-scale invasion. The revised regulatory provisions are aimed at creating a more favourable environment for attracting foreign capital, while maintaining effective controls over foreign currency flows. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Commentary re the US-Ukraine Reconstruction Investment Fund Agreement
The intergovernmental Agreement on the establishment of the US-Ukraine Reconstruction Investment Fund (Fund), signed on April 30, 2025, in Washington, D.C. (Agreement) reflects a reset of the US-Ukraine geopolitical relationship and looks to provide a strategic blend of economic investment and security cooperation. First and foremost, the Agreement signals US commitment to a sovereign Ukraine to the international community. It provides the US with a direct stake in Ukraine's economic reconstruction by creating the legal foundation for an economic bond between Ukraine and the US. It seeks to reflect the Trump administration’s market-driven approach to rendering foreign assistance by triggering co-investment mechanisms that
Navigating the regulatory landscape: An overview of the tokenization of real-world assets
As financial markets embrace digital transformation, the tokenization of real-world assets (RWA) is emerging as a ground-breaking innovation that has the potential to redefine ownership, investment, and liquidity. By leveraging blockchain technology, tokenization enables the digital representation of tangible and intangible assets – ranging from real estate, commodities, and artworks, to securities, debt instruments, and intellectual property. Proponents believe that such a transformation democratizes access to high-value assets, enhances market efficiency, and introduces new investment opportunities across industries. However, the legal and regulatory framework surrounding tokenization remains complex and rapidly evolving.
Navigating the legal landscape: The implementation status of MiCA
As the cryptocurrency market continues to captivate investors worldwide, understanding the regulatory landscape becomes more crucial than ever. In this respect the Markets in Crypto Assets Regulation (the MiCA) is a ground-breaking initiative by the European Union (the EU) aimed at establishing a robust framework for digital asset markets. With MiCA application having taken effect on 30 December 2024, EU member states are now in the process of aligning their national legislation with the new rules and addressing the practical challenges of implementation.Click on the image below or use the following link to read our overview in English. For more
The National Bank of Ukraine introduced additional changes to currency restrictions
The National Bank of Ukraine published amendments to currency restrictions that were introduced in February 2022 at the start of the full-scale Russian invasion. The changes relate to payments under international technical assistance projects, transfers for the import of goods, dividend payments, and lending for the purchase of foreign currency-denominated government bonds. While the first two categories involve the easing of restrictions, dividend payments and lending for purchasing foreign currency-denominated government bonds are now subject to stricter regulation.Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download
Navigating the Regulatory Landscape: An Overview of Banking as a Service
In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money
The National Bank of Ukraine significantly eases the temporary currency restrictions
The National Bank of Ukraine (NBU) significantly eases the temporary currency restrictions imposed under martial law and, among other things, simplifies the terms of servicing residents' external borrowings and allows a number of cross-border transfers that are essential for Ukrainian businesses. Click on the following links to read the overview in English, or in Ukrainian. Download in English: Download in Ukrainian:
Currency restrictions in Ukraine: Changes to the rules for external debt financing
Following the outbreak of the full-scale Russian invasion, the National Bank of Ukraine (NBU) implemented temporary restrictions on cross-border foreign currency transactions. These restrictions were outlined in Resolution No. 18 of the NBU Board "On the Operation of the Banking System during the Period of Martial Law" (NBU Resolution No. 18). NBU Resolution No. 18 established an exclusive list of cross-border foreign currency transactions permitted during the martial law period. In late June 2023, the NBU took significant steps to expand the capacity of Ukrainian businesses to attract and service external loans and borrowings. This newsletter provides an overview of the provisions outlined in NBU Resolution No. 18 concerning