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Further easing of currency restrictions in Ukraine: Focus on new currency liberalisation instruments
On 13 January 2026, the National Bank of Ukraine (NBU) announced a new package of updates to the existing currency (FX) restrictions that were introduced in February 2022 in response to Russia’s full-scale invasion. The regulatory changes are aimed at further developing the incentive-based FX liberalisation framework gradually implemented by the NBU since 2025, as well as better supporting Ukrainian businesses operating under martial law. The key amendments entered into force on 14 January 2026 and include: 1. Dividend payments, repayment of "old" loans and other transactions within the "loan limit" The cornerstone of the new package is the introduction of a so-called “loan limit”, a special
War risk insurance in Ukraine: New government mechanisms and market outlook
As a result of Russia’s ongoing aggression, businesses across virtually all sectors of the Ukrainian economy have suffered severe damage and financial losses. Missile strikes, drone attacks, and other forms of hostilities affect both frontline and rear regions – and the number of impacted enterprises continues to grow on a daily basis. According to expert assessments, by mid-2025 Ukraine’s direct, documented losses incurred from the war had reached approximately USD 176 billion[1]. In such an environment, investors, both domestic and international, naturally seek mechanisms to protect their assets and capital exposure. Insurance is one of the few tools capable of providing such risk mitigation at scale. Why
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: