National Bank of Ukraine Eases Currency Restrictions and Introduces New “Loan Limit”

The National Bank of Ukraine, effective January 14, 2026, is easing a number of currency restrictions and clarifying the specifics of currency regulation to support the operations of Ukrainian businesses.

Key changes

1. The NBU introduces a new stimulating “loan limit” that will allow companies to manage funds attracted from abroad more flexibly and will facilitate the restructuring of old external loans.
2. Ukrainian sellers and manufacturers of goods will be able to transfer currency to accounts of individuals in foreign banks to reimburse funds for returned or undelivered goods.
3. The NBU has clarified the specifics of currency supervision regarding time limits for settlements on export transactions.

What has changed for business?

1. Introduction of the “loan limit”

The NBU introduces a new stimulating limit – the “loan limit”, to increase the flexibility of Ukrainian enterprises in managing funds they have attracted from abroad. The key objective of such changes is to create a regulatory foundation to facilitate the restructuring of old external loans by domestic companies.

The size of the “loan limit” will equal the amount of funds received under a loan or credit from abroad in foreign currency to the company’s account in a Ukrainian bank after January 1, 2026.

Within the “loan limit,” businesses will be able to carry out operations provided for by stimulating liberalization:

• repayment of old loans and credits (received before June 20, 2023) and payment of interest on them
• settlements for import of goods delivered before February 23, 2021
• return of prepayment to a non-resident buyer for goods paid before February 23, 2022
• financing of own foreign separate divisions (above the established limit)
• repatriation of dividends (above the established limit)

Specifics of the “loan limit”:

In case of repayment of the principal amount of the attracted loan, the maximum amount within the “loan limit” will decrease equivalently. Moreover, after carrying out operations within the “loan limit,” the transfer of funds from Ukraine for repayment of the principal amount of the attracted loan is limited to the amount of debt under the loan, reduced by the amount of operations carried out within the limit. Also, currency operations within the “loan limit” are carried out in the bank to whose accounts the business received the attracted loan.

2. Return of funds to individuals abroad

Domestic sellers and manufacturers of goods will be able to transfer currency to accounts of individuals in foreign banks to reimburse funds for returned or undelivered goods.

Conditions for carrying out the relevant operations:

• return of funds will be made to the account of the individual consumer from which payment for the goods was made
• the amount of funds returned in the payment currency must not exceed the value of the goods at the time of purchase
• the seller/manufacturer returns funds for goods in the manner and within the time limits provided by the requirements of the Law of Ukraine “On Consumer Rights Protection”

The changes will make it possible to ensure equal conditions for individual consumers of goods purchased on the territory of Ukraine, which will support the attractiveness of Ukrainian manufacturers.

3. Clarification of currency regulation regarding time limits for settlements on export

The NBU has clarified the specifics of currency operations regulation and introduced several measures in the field of currency supervision regarding time limits for settlements on export of goods. Requirements regarding time limits for settlements will not apply to goods exported under a foreign economic agreement, the right of claim under which has been transferred to PJSC “Export Credit Agency” (ECA), for the amount of insurance compensation paid by ECA to the exporter of goods. The NBU has also removed the export of insurance services from the list of operations to which the requirement to comply with time limits for settlements applies.

The easing of currency restrictions was approved by Resolutions of the NBU Board No. 2 and No. 3 dated January 13, 2026, which entered into force on January 14, 2026.