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In brief

The National Bank of Ukraine has updated its foreign exchange regulations and eased certain restrictions concerning transactions with Eurobonds issued by Ukrainian companies in foreign markets.

Starting from 27 April 2021, cross-border transactions for payments of interest under, and repayment of, debt securities issued by a Ukrainian company outside of Ukraine are not subject to the statutory cumulative cap of EUR 2 million per calendar year.

  • The introduced changes purport to facilitate direct issuances of foreign debt securities (like Eurobonds) by Ukrainian issuers.
  • To make payments under the issued debt securities, Ukrainian issuers are now permitted to purchase and accumulate foreign currency until the closest payment date in an amount necessary to timely discharge their obligations.
  • Under the new rules, the purchase, accumulation and transfer abroad of foreign currency shall be made through one Ukrainian bank (at the choice of the issuer).
  • Before these changes were introduced, Ukrainian companies were restricted from making payments under their debt securities issued in foreign capital markets.  Such payments were limited to EUR 2 million per calendar year, and for this reason, foreign SPV structures have been used in any issuance of debt securities outside of Ukraine.

Click here to access the Ukranian version: Національний банк спростив валютне регулювання операцій з єврооблігаціями


Serhiy Chorny is a co-managing partner and head of the Banking & Finance Group in Baker McKenzie's Kyiv office. Since 2005, he has been highly ranked by leading international and Ukrainian legal directories such as Chambers Global, Chambers Europe, Legal 500 EMEA, and IFLR1000 in various practice areas, including banking and finance, restructuring and insolvency, capital markets, structured finance and securitization, project finance and financial services.


Bogdan Dyakovych is an Associate in Baker McKenzie's Kyiv office.

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