ALERT: Ukraine’s central bank abolishes all restrictions for repatriation of dividends

The National Bank of Ukraine (NBU) has announced the annulment of all restrictions on the repatriation of dividends.

Previously, foreign shareholders could receive no more than EUR 12 million per month in dividends from their Ukrainian subsidiaries.

From 10 July 2019, the restriction no longer applies.

The NBU said that the currency easing will not have any adverse impact on the country’s macroeconomic stability, because the purchase of currency for this purpose is about 4% of the total demand by bank customers for foreign currency.

The currency liberalization roadmap prepared by the NBU in cooperation with experts of the International Monetary Fund provides for the gradual removal of all FX restrictions as Ukraine’s macroeconomic conditions improve.

Ukrainian companies with foreign capital now have more flexibility in their decision making. creditors might be a little more concerned about increasing risks in terms of a debtors’ liquidity, as companies’ shareholders may now increase dividend payments and reserve less cash for other payables.

However, this move is a positive sign for potential foreign investors for whom the freedom to return capital from Ukrainian operations is a key consideration before committing capital to the country.

The changes described in this alert were approved by the Resolution of the Board of the NBU № 91 “On Amendments to Some Regulatory Documents of the National Bank of Ukraine”, dated 9 July 2019, that came into effect on 10 July 2019.

On the whole, since the beginning of the year, the NBU has abolished over 30 foreign exchange and international payments market restrictions. According to the NBU, currency liberalization will continue to respond to the positive developments of the macroeconomic situation in Ukraine. The ultimate goal is the total free flow of capital.

Hillmont Partners’ previous publications on liberalization of the capital flow in Ukraine:

For further information, please contact:

Taras Tertychnyi (Email:; Tel.: +38 044 277 2447);

Oleksii Ozvynchuk (Email:; Tel.: +38 044 277 2447).


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