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  5. Legal aspects of currency restrictions introduced by the National Bank of Ukraine for business under martial law

Almanac of law. Issue 15 (2024), pages 472–480.

DOI: 10.33663/2524-017X-2024-15-472-480

Tsvyetkov A. М.
Legal aspects of currency restrictions introduced by the National Bank of Ukraine for business under martial law

The article examines the definition of such concepts as «currency», «currency transaction», «currency values» and «currency regulation» in the legislation of Ukraine and scientific works of domestic scientists. The introduced currency restrictions and prohibitions were analyzed in accordance with the Resolution of the NBU Board «On the operation of the banking system during the introduction of martial law» No. 18 of February 24, 2022. In addition, a number of resolutions of the NBU Board in 2023–2024 regarding softening and optimization of a number of currency restrictions in order to prevent an unproductive outflow of capital to protect Ukraine’s international reserves and preserve the stability of the currency market were also studied. Thus, the introduction of the regime of managed flexibility of the exchange rate by the NBU was considered, in accordance with the Strategy for easing currency restrictions. The emphasis is placed on the fact that the main criterion for determining the priority of easing currency restrictions is the urgency of correcting distortions in the market and supporting economic recovery, taking into account the relevant risks for exchange rate stability and international reserves in accordance with the Roadmap developed by the NBU. The author drew attention to the limitation of cross-border transfers by Ukrainian ТЕОРЕТИКО-ПРИКЛАДНІ ТА ГАЛУЗЕВІ АСПЕКТИ 480 • АЛЬМАНАХ ПРАВА • 2024 • Випуск 15 • companies aimed at the execution of court decisions regarding foreign companies, settlement agreements concluded in the course of court proceedings and agreements concluded as a result of the court’s review of cases on recognition and granting of permission to execute the judgment of a foreign court. The author draws the attention of businesses to the observance of the deadlines for settlement of operations on export and import of goods, which amount to 180 calendar days and apply to operations carried out from April 5, 2022. Based on the analysis of court practice, it is proposed to make appropriate changes to Clause 14 of the above-mentioned Resolution of the Board of the National Bank of Ukraine No. 18 regarding the addition of clauses 46 and 47 to the list of exceptions to restrictions: «46) all transactions related to the implementation of the Convention on the Recognition and Enforcement of Foreign Court Decisions in Civil or Commercial Matters from July 2, 2019; 47) transactions related to the implementation by resident legal entities of private form of ownership of decisions of foreign courts and settlement agreements concluded by the parties in the process and/or as a result of consideration of the case by the court, including cases regarding the recognition and granting of permission for the implementation of decisions of foreign courts in Ukraine».

Key words: currency, currency values, currency operations, currency regulation, currency restrictions, bank, National Bank of Ukraine, banking legislation.

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Andriy Mykhailovych Tsvetkov,
Researcher
at the F. G. Burchak Research Institute of Private Law
and Entrepreneurship of the National Academy of Sciences of Ukraine,
Candidate of Law
ORCID: 0000-0002-3239-322X

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