On 23 February 2017, the National Bank of Ukraine (the "NBU") clarified its approach to the use of foreign bank accounts by Ukrainian individuals1. The new approach permits the placement of funds and holding assets by Ukrainian individuals in foreign banks and financial institutions, provided that such funds and assets have originated from overseas. In particular, Ukrainian individuals are not required to obtain NBU individual licenses for the following:

• crediting funds received by Ukrainian individuals outside of Ukraine (as salaries, pensions, scholarship, dividend proceeds and from other foreign sources) to banking accounts opened and maintained outside of Ukraine

• making foreign investments (holding assets) using funds originating from outside of Ukraine and held in foreign banking accounts opened and maintained outside of Ukraine

At the same time, Ukrainian individuals are still required to obtain an individual NBU license to transfer funds from outside of Ukraine, either for investment purposes or for placing such funds in their foreign bank accounts.

Ukrainian companies and individual entrepreneurs are still required to obtain an individual NBU license for using foreign bank accounts for the same purposes.