Currency Supervision in 2026: From Formal Control to Intelligent Compliance

In 2026, Ukraine’s currency supervision system has effectively completed its transformation. What only a few years ago was perceived as a technical banking control over settlement deadlines has evolved into an intelligent model based on deep risk assessment of each transaction. Currency compliance is no longer limited to verifying invoices or contracts — it now encompasses economic substance, transparency of ownership structures, real business activity, and ultimate beneficial ownership.

The regulatory foundation remains the Law of Ukraine “On Currency and Currency Operations.” However, its practical implementation is inseparably linked to Resolution of the National Bank of Ukraine (NBU) Board No. 18 dated 24 February 2022. Despite the gradual easing of restrictions in 2025, this resolution continues to define the architecture of currency measures during martial law.

A new phase of liberalization began on 14 January 2026, when NBU Resolutions No. 2 and No. 3 entered into force. These were not merely technical amendments but a structural rethinking of approaches to external financing. In particular, the so-called “loan limit” mechanism opened more flexible opportunities for restructuring pre-war external debt and attracting new foreign capital. At the same time, liberalization is accompanied by significantly stricter scrutiny of the economic substance of transactions.

180 Days, 0.3% Penalty, and a Strict Judicial Approach

As of 2026, the standard settlement deadline for export and import transactions remains 180 days, unless otherwise specified. A delay of even one day automatically triggers a penalty of 0.3% of the outstanding amount for each day of delay.

Judicial practice in 2025–2026 demonstrates a consistently strict position regarding force majeure. In its decision of 18 February 2025 in case No. 910/6519/24, the Supreme Court clearly stated that the fact of Russia’s military aggression is a well-known circumstance but does not automatically release a company from liability. To suspend the accrual of penalties, a certificate issued by the Chamber of Commerce and Industry (CCI) must be provided specifically for the relevant contract and period.

A similar approach was confirmed in the judgment of 12 May 2025 in case No. 420/38361/24, where the court refused to cancel the penalty because the claimant provided only correspondence with the counterparty regarding logistical difficulties, rather than an official CCI certificate.

Particular attention should be paid to the Supreme Court’s decision of 13 March 2025 in case No. 560/19941/23. The Court concluded that although NBU Resolution No. 18 establishes a 180-day limitation as a protective measure, penalties under Article 13 of the Law “On Currency and Currency Operations” must be calculated based on the general statutory term unless the NBU explicitly provides otherwise. This ruling is frequently invoked by businesses to challenge penalties in the period between 180 and 365 days. Nevertheless, tax authorities in 2026 continue to rely primarily on the 180-day rule.

Dual Compliance: Royalties, Dividends, and Licensing Agreements

In 2026, payments of royalties or dividends to non-residents are subject to what is effectively a double compliance review. The updated NBU Resolution No. 8 on the procedure for analyzing currency transactions requires banks to assess not only documentation but also the actual “substance” of the foreign counterparty — including the existence of an office, personnel, and real economic activity.

Judicial practice confirms banks’ broad discretion. In its decision of 8 October 2025 in case No. 759/1627/25, the Supreme Court upheld a bank’s right to block transfers and even terminate business relationships where the client fails to provide sufficient information regarding the foreign recipient or where the transaction poses an “unacceptably high risk.”

At the same time, courts increasingly apply the principle of substance over form. Perfectly drafted contracts and invoices are not sufficient proof of a genuine transaction if there is no physical or economic feasibility of performance. This is particularly relevant to licensing agreements for consulting or IT services, where tax authorities analyze whether the licensed software or services are actually used in the company’s business operations.

Digitalization and Real-Time Monitoring

The implementation of the “E-Currency” automated system has effectively integrated banks, customs authorities, and tax authorities in real time. Formal schemes aimed at “closing” currency supervision through questionable service acceptance acts are becoming practically impossible.

Special attention is given to transactions involving virtual assets. Following the legalization of crypto-assets in Ukraine, any exchange of cryptocurrency into fiat currency within export-import operations is subject to the same level of scrutiny as traditional bank transfers. Banks actively use blockchain analytics tools, and any connection to suspicious transactions may result in the immediate suspension of client servicing.

Currency Compliance as an Element of Economic Security

In 2026, currency supervision is no longer a formal regulatory requirement. It has become an instrument of national economic security. Banks have been granted broad discretion in assessing transaction risk, and courts increasingly support their position.

For businesses, this means implementing an internal compliance function that operates proactively: screening counterparties against global sanctions lists, verifying politically exposed persons (PEPs), monitoring changes in currency legislation, and preparing a comprehensive “transaction file” before signing contracts. In an environment where even a well-known force majeure does not exempt liability without proper documentary evidence, legal strategy must be formed at the negotiation stage rather than after receiving an audit report.

Currency liberalization in Ukraine continues, but it is accompanied by a strict demand for transparency. In 2026, compliance is not a cost — it is an investment in business stability and access to international capital and markets. Freedom of currency operations is granted only to those who can demonstrate economic substance, transparency, and adherence to international compliance standards.