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 tax system is being reshaped by VAT , pillar two and TP reform. Fallet explains why those changes convinced him to lead a new practice
The agreement with Daribatech, alongside recent high-profile investment in talent, suggests the firm is gearing up for a significant push in the region
Several factors have led to a steady transition of TP work away from traditional advisers and towards full-service law firms, DLA Piper’s new TP leader says
Julian Balson's departure from EY's Tier 1 tax controversy practice for lower-ranked Fieldfisher represents one of the more eye-catching UK hires of the year
Former IRS commissioner Danny Werfel argues that the biggest obstacle to AI adoption in tax is not technology, but trust, and introduces a practical AI risk framework to help
Howell takes a deep dive into how he led the landmark PepsiCo dispute, discusses the ATO's enforcement priorities, and emphasises KordaMentha's market ambitions
Global tax leader David Linke said that the TaxSim gaming programme could replace aspects of traditional face-to-face learning
Former ATO economist Craig Silverwood is joining from Australian firm MinterEllison
The rebranding, which will see changes to signage, visual identity and digital properties, is scheduled to be completed by the end of this year
The software space was previously more fragmented, but that model is becoming more difficult to sustain as tax administration becomes increasingly digitised
Gift this article