To maintain the stability of the financial system during the war, the National Bank of Ukraine introduced a number of currency restrictions. As a result, the banking system has been operating smoothly for almost two months in the face of a full-scale attack by Russia.
These restrictions have a number of exceptions, which can be used by the Ukrainian volunteer movement to purchase the necessary goods abroad – especially military ammunition.
How can individuals purchase military ammunition abroad?
Recently, the National Bank has relaxed restrictions to facilitate the activities of volunteers. It is allowed to buy and transfer foreign currency within the monthly limit of UAH 400,000 in equivalent (this is, for example, more than USD 13.5 thousand) for the purchase of a number of military goods.
This list includes: bulletproof vests, helmets, helmets, military and tactical uniforms, military and tactical footwear, protective clothing, optical surveillance devices, unmanned aerial vehicles, sleeping bags, mats and home remedies.
Product codes can be viewed in the Resolution of the Board of the National Bank №18: https://cutt.ly/rFLoRHF
Given that the amount of transfers does not exceed UAH 400,000 per month, the verification of relevant transactions is carried out according to a simplified procedure. Your bank will tell you exactly which documents you need to provide.
The NBU is recording feedback on the relevant list of goods and is working on the possibility of updating it. At the same time, given that the relevant list is designed for individuals, it can only include finished products. Raw materials are used by business entities.
Importantly! In compiling the list for individuals, the National Bank selected goods from the list of critical imports, taking into account the requests of volunteers and banks. At the same time, it does not in any way limit the list of critical imports, which is approved by the Cabinet of Ministers for legal entities engaged in foreign economic activity.
Individual volunteers can also take advantage of opportunities that are available to all citizens. In particular, it is allowed:
1. Transfer money from your card to the recipient’s card abroad within the limit of UAH 100,000 per month (equivalent), including to pay for goods or services. At the same time, the relevant limit also applies to transactions using payment cards for the purchase of assets related to quasi cash transactions (replenishment of e-wallets, brokerage or forex accounts, payment of traveler’s checks, purchase of virtual assets, etc.).
2. Pay with Ukrainian bank cards for goods and services in retail chains and the Internet both in Ukraine and abroad. The National Bank did not impose restrictions on such transactions. However, limits can be set by banks.
How can legal entities buy goods abroad?
Individual entrepreneurs and legal entities engaged in foreign economic activity can buy and transfer currency abroad to purchase critical imports.
This list is approved by the Cabinet of Ministers of Ukraine and includes a significant number of goods. Among them: bulletproof vests, helmets, helmets, protective footwear and clothing, military and tactical uniforms and footwear, medicines and medicines, walkie-talkies, cars, unmanned aerial vehicles, thermal imagers, night vision devices, anti-drone guns, suits, chemical protection overalls (rubber ), chemical protection gloves (rubber, neoprene), parachutes, binoculars and many other products.
In addition to finished goods, the list of critical imports includes intermediate goods. For example, this is a fabric that can be used to sew military clothing.
The full current list can be viewed at: https://cutt.ly/aFLoInu
In order to purchase foreign currency and transfer it abroad for the purpose of purchasing goods from the list of critical imports, legal entities must provide banks with documents confirming the implementation of such an operation. The bank, as an agent of currency supervision, independently decides which specific documents the client should provide.
Why can’t the National Bank remove all restrictions for volunteers?
One of the important tasks of the NBU during the war is to promote the activities of the Armed Forces of Ukraine. When making any decisions, the National Bank weighs their impact and adjusts the restrictions in such a way as to simplify the lives of citizens as much as possible, on the one hand, and to prevent uncontrolled withdrawal of capital abroad.