From now on, the law on currency and currency transactions came into effect in Ukraine! At the BRDO’s initiative, special sanctions in foreign economic activities were cancelled. Ukrainian businesses sometimes learn about these penalties quite by accident: for example, at a bank or at a customs office, when it was not possible to conduct a particular foreign economic transaction. You must admit that it is a so-so surprise.
It is important to understand that these sanctions do not apply to the war with the Russian Federation (the sanctions related to the aggressor country are regulated by a separate law) or with trade wars;
Special sanctions in foreign economic activities are an archaic and unreasonable mechanism that has not proved to be effective and does not exist in the legislative practice of other states;
In 2017, it led to initiating hundreds of legal proceedings. Hundreds of exporting companies have been victims of sanctions and lost profits and currency earnings;
The cancellation will make life easier for Ukrainian entrepreneurs and help improve business climate.
This is an important step towards liberalization of foreign economic activity, which was provided by the National Bank through the new law. Thank you for your cooperation!