The financial sector is pivotal to Ukraine’s post-war economic reconstruction. As the country anticipates the end of the war, there will be a significant need to mobilize and allocate both domestic and international financing swiftly and efficiently to key projects without undermining financial stability.

Methods of Payment

The choice of payment methods for U.S. companies working with Ukrainian counterparts can vary, with advance payment often recommended for newcomers to the market. Ukraine accepts all internationally recognized payment methods, with irrevocable letters of credit being highly recommended. Following Russia’s renewed invasion, Ukraine established foreign currency controls under martial law, limiting cross-border transactions. Gradually, the NBU has taken steps to relax some of these restrictions.

Payment transfers in foreign currencies are made either through a cover at a foreign partner-bank or the International Settlements Department of the NBU. The EBRD trade finance partners in Ukraine are Credit Agricole Ukraine, Oschadbank, OTP Bank, Raiffeisen Bank Aval, State Export-Import Bank of Ukraine, and Ukrsibbank. To conduct hard currency transactions, a bank must be authorized by the NBU. All authorized Ukrainian commercial banks are members of SWIFT (Society for Worldwide Interbank Financial Telecommunications). 

Ukrainian legislation allows settlement under export or import contracts between a Ukrainian resident and a non-resident to be carried out in foreign currency as well as in hryvnia. The foreign currency proceeds of a Ukrainian resident under an export contract (except for export of services, other than transport and insurance services, and intellectual property rights) must be collected on such resident’s bank account within 365 days from the date of the customs clearance of the exported goods. 

Since Russia’s reinvasion of Ukraine in February 2022, the Ukrainian government has instituted currency controls via the NBU under provisions of martial law. Please see the “Foreign Exchange Controls” section for more detail. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking System

Ukraine maintains a credible central bank, the National Bank of Ukraine (NBU) and has a robust banking sector of 60 licensed commercial banks. The NBU regulates monetary policies, issues banking licenses, and oversees banking operations. Legislation categorizes banks into universal (general) and specialized (savings, investment, mortgage, and clearing) institutions. Each commercial bank operates under a specific license granted by the NBU.

According to Opendatabot, the 10 most profitable banks in Ukraine, encompassing state-owned, foreign-invested, and privately-owned institutions, accounted for 85% of the sector’s total profit. In 2024, the operating banks earned $2.4 billion, 10% increase compared to 2023. The top five Ukrainian banks by profit are Pryvatbank, Oschadbank, Ukreximbank, Raifeisen bank, and OTP Bank.

State Banks 

The state-owned banks, including OschadBank, PrivatBank, Sense Bank, UkrEximBank, and Ukrgazbank, hold nearly 52% of the total Ukrainian banking net assets and generated $1.6 billion in net profits in 2024.  

Banks with Foreign Capital 

Fourteen foreign-capital banks are operational in Ukraine. By the end of 2024, these banks generated a profit of $536 million.  The top five foreign banks by profit are Raiffeisen Bank, OTP Bank, Credit Agricole, Ukrsibbank and Citibank. 

Private Equity Banks

The Ukrainian private equity market is represented by such players like Dragon Capital, Horizon Capital, Soul Partners, ICU and Concord Capital. These funds focus on the nation’s reconstruction and economic growth and have high exposure within Ukraine. They raise capital with foreign institutional investors, IFIs, and local businesses.

Foreign Exchange Controls

Since Russia’s full-scale invasion of Ukraine in February 2022, the Ukrainian government has instituted currency controls via the NBU under provisions of martial law, implementing temporary restrictions on cross-border foreign currency transactions, outlined in Resolution No. 18 of the NBU Board “On the Operation of the Banking System during the Period of Martial Law” (“NBU Resolution No. 18”). This has included restrictions on remitting funds across the Ukrainian border, operational payments, and repatriating investments. In October 2023, the NBU moved to a more managed flexible exchange rate, after adopting a fixed rate in the wake of Russia’s 2022 full-scale invasion. The NBU continues to ease foreign exchange controls, but U.S. companies should take steps to confirm the currency controls in place at the time of the transaction. 

In August 2025, the NBU eased several currency restrictions to facilitate business operations and foreign investment.  Companies are now permitted to repatriate dividends accrued since January 1, 2023, with the investment limit expanded to allow foreign investors to receive more than €1 million per month. The NBU also introduced a mechanism allowing companies to exceed established currency transaction limits by donating equivalent funds to a special account in support of the Armed Forces of Ukraine. Additionally, restrictions were lifted on the early repayment of debt obligations to non-residents if repaid through offsetting loans with share capital increases.

Other measures focused on financial stability and market support. Banks’ clients can now return mistakenly transferred foreign currency funds within three business days of notification. Companies may also fulfil debt obligations to highly rated non-resident banks, particularly those tied to international financial institution loans, with related guarantees and surety payments now permitted. Finally, to promote the domestic jewelry market, enterprises engaged in jewelry sales are allowed to purchase investment metals, provided volumes do not exceed one-twelfth of their 2021 retail sales and are backed by relevant contracts and documentation.

According to KPMG, below is a list of restrictions lifted in detail. 

• Repatriating dividends for 2023. The NBU expanded the companies’ right to pay dividends, noting that (subject to compliance with already established requirements) companies can now pay accrued dividends based on the results of their activity in the period starting from January 1, 2023.
• Expanding the investment limit for dividend transactions. Within the investment limit introduced in May 2025, dividends may now be paid to foreign investors/non-residents more than the established limit for dividend payments (i.e., more than €1 million per month).
• Expanding investment limits equivalent to donations to the Armed Forces of Ukraine.  Alongside already implemented relaxations and restrictions, the NBU has also introduced a potential mechanism to conduct currency transactions above the established limits through donations to the Armed Forces of Ukraine. Following August 7, additional currency transactions may now take place in amounts equivalent to company funds transferred to a specially designated NBU account in support of the Armed Forces of Ukraine. Such currency transactions may be conducted in either Ukrainian hryvnia or foreign currency but must be carried out at the expense of the company’s own currency (i.e. not received in the form of a loan or credit).
• Early repayment of debt obligations by offsetting share capital. The NBU has cancelled restrictions on residents for early repayment of debt obligations under loans to non-residents, if said operations offset loans under the resident borrower’s specified obligations by increasing the resident borrower’s share capital by said non-resident.
• Return of mistakenly transferred funds. From August 7, 2025, the NBU permits the bank’s clients to return mistakenly transferred funds in foreign currencies that were credited from abroad to Ukrainian customer accounts, if the amount returned does not exceed the mistakenly credited funds.  Such a return occurs subject to the bank receiving notification of the mistaken transfer of funds from a non-resident bank and should take place within three business days from the date such notification is received.
• Fulfilling certain debt obligations to non-resident foreign banks. The NBU now permits transferring funds to fulfil debt obligations to non-resident creditor banks (with a credit rating of no lower than “A” according to Standard & Poor or Fitch, or “A2” according to Moody’s Investors Service classification).  Such transfers may take place if said foreign bank is included in the pool of non-resident creditors for loans provided with international finance institution participation. Transactions to satisfy rights to a non-resident’s claim as a guarantor, surety (pledgee), or insurer to a resident’s obligations under such loans are also permitted from now on.
• Promoting the functioning of the domestic jewelry market. The NBU permits legal entities and enterprises to purchase investment metals, provided that:  a) they are engaged in the sale of jewelry, b) the purchase volume per month does not exceed one-twelfth their retail jewelry sales for 2021, and c) such activity is confirmed by relevant contracts and other documents.

U.S. Banks & Local Correspondent Banks 

Citibank remains the sole American banking institution operating in Ukraine. Some local banks have U.S. dollar correspondent relationships with Western banks, including JP Morgan Chase, Deutsche Bank, Bank of New York Mellon, and UniCredit Bank.