Ukraine: Ukraine tightens currency control rules

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2026

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Ukraine: Ukraine tightens currency control rules

kotenko.jpg

kalyta.jpg

Vladimir Kotenko


Iryna Kalyta

In late August, the National Bank of Ukraine tightened currency controls, trying to keep the volatile Ukrainian Hryvnia afloat.

  • Cross-border offsets prohibited: On August 29 2014, the National Bank of Ukraine prohibited cross-border offsets until further notice. Offsets were restricted in practice since December 2013.

  • Mandatory sales of currency proceeds: 100% of foreign currency proceeds will be subject to mandatory conversion into local currency (as compared to 50%). This restriction is supposed to be in place temporarily, until November 21 2014.

  • 90-day rule extended: National bank extended the rule obliging Ukrainian companies to collect export proceeds and receive prepaid goods, works, and services within 90 days (instead of the regular 180 days). This rule is extended until November 21, but further extensions are expected.

The Ukrainian government is also rumoured to be considering increasing the pension fund levy on purchase of foreign currency for individuals to 2% (as compared to 0.5% currently payable).

Vladimir Kotenko (vladimir.kotenko@ua.ey.com), Iryna Kalyta (iryna.kalyta@ua.ey.com)

EY

Tel: +380 44 490 3000; +380 44 490 3030

Website: www.ey.com/ua

more across site & shared bottom lb ros

More from across our site

Brazil’s shift to a nationwide consumption tax is more than conceptual; it fundamentally transforms municipal revenue, enforcement, and administrative disputes
While some advisers praised the ruling’s definition of a ‘voucher’ for VAT purposes, a UK partner said the case left unanswered questions
While pillar two has been enacted on paper in Brazil, companies are encountering a range of practical compliance issues, ITR has heard
Moore, founding partner of the Chicago tax boutique which bears her name, shares her career wisdom for ITR’s new Women in Tax interview series
But partners at the firm admit that jumping ship to the US would not be as easy as some believe
Governments are rewriting tax policy for the AI era, deploying digital taxes, tailored incentives and algorithmic enforcement that redefine where value is created
Wingrove will succeed Bill Thomas, who has served in the role since 2017; in other news, Andersen unveiled a sharp increase in revenues for 2025
Partners are divided on Italy vs PDM D’s analytical depth, evidentiary standards, and what the judgment signals for future intra-group financing cases
As GCCs increasingly become strategic hubs, multinationals face heightened risks around permanent establishment and place of effective management
While all options presented ‘drawbacks’, European Commission tax leader Wopke Hoekstra said the controversial US carve-out deal has ‘many benefits’
Gift this article