Ukrainian Government cancels restrictions on payments for imports of goods and services

At its meeting on 7 May, the Government adopted a critical decision to improve the business climate in Ukraine. This was announced by Prime Minister Denys Shmyhal.

Thus, Cabinet of Ministers Resolution No. 153, which limited payments for imports of goods and services, was cancelled.

“This is something that is of great importance for business. This liberalisation will open up new opportunities for Ukrainian entrepreneurs to enter new markets, expand Ukrainian exports, create new projects and new jobs in Ukraine,” noted the Prime Minister.

According to Denys Shmyhal, today's decision by the Government is in line with the broader deregulation policy. More than a thousand permits, licences and certificates that regulate the interaction between the state and the business have been reviewed.

“Some will be completely cancelled, some will be simplified, and some will be digitised. We are working on this constantly,” urged the Head of Government.

Improving the working environment for Ukrainian entrepreneurs means expanding export opportunities.

Denys Shmyhal has said that the defence capability of our country directly depends on whether our economy is strong. It is Ukrainian businesses that are the basis of our recovery, development and success these days.

“Therefore, we have two overarching objectives in our economic policy. The first is to implement business support programmes and promote economic activity. The second is to create a business climate where entrepreneurs can realise all their potential and ambitions,” stressed the Prime Minister.

“Today’s decision will have a positive impact on the development of the private sector in Ukraine. Currency liberalisation will allow Ukrainian businesses to develop, enter new markets and increase exports. At the same time, it is an opportunity to attract investments more actively, as currency restrictions were a deterrent for many private sector representatives before entering the Ukrainian market,” commented Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

She also reminded that the Ministry of Economy had been advocating for the lifting of the currency restrictions from the very first day of their introduction and had been holding discussions with the National Bank of Ukraine on this issue. According to the First Deputy Prime Minister, further liberalisation steps are being worked on, including extending the deadlines for payments.

As a reminder, on 3 May the National Bank approved a package of measures to ease foreign exchange restrictions for companies, including the removal of all foreign exchange restrictions on the import of works and services; the ability to repatriate dividends on corporate rights or shares accrued abroad based on the results of operations for the period starting 1 January 2024, with a monthly limit of up to EUR 1 million; the ability to transfer funds abroad for the settlement of lease/rental agreements without additional restrictions on the subject matter of the lease/rental agreement and the date of the agreement; simplification of the conditions for residents to acquire foreign currency for the servicing and repayment of “new” foreign loans.

IC UAC according to the Communications Department of the Secretariat of the CMU and the MEU