The Parliament Adopts New Framework Currency Control Law

On 21 June 2018 the Parliament adopted the new framework currency control law "On Currency and Currency Transactions" (the "Law"), which marks the commencement of a major reform of currency control legislation in Ukraine since its independence. The Law lays down the foundation for currency transactions and cross-border currency control in Ukraine and, upon entry into force, will replace in full the 1993 Currency Control Decree. To enter into force, the Law must be signed by the President and published, and there may also be a certain transition period before the Law becomes fully operational.

The Law declares the transition of Ukraine's currency control policy from state to market self-regulation based on the following key principles: