National Bank of Ukraine Tightens Card Transfers and Ruble Exchanges

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The National Bank of Ukraine Adjusts Card Transfers and Terminal Cash Replenishments

The National Bank of Ukraine (NBU) is implementing restrictions on card-to-card transfers and on replenishing card balances through point-of-sale terminals. Strana.ua reported this development based on remarks from NBU Deputy Chair Ekaterina Rozhkova. The move is being framed as a step to tighten controls and curb opportunities for misuse within the financial system.

Rozhkova noted that the changes are likely to impact a wide range of businesses. She described sectors that participate in a variety of tax practices and schemes aimed at evading or reducing tax obligations. The NBU stated that it is examining the best approach to reduce opportunities for manipulation and circumvention of financial rules, with the emphasis on ensuring greater transparency and compliance across the payments landscape.

In related comments, Rozhkova indicated that the central bank is pursuing a policy that will help minimize opportunities for illicit activity in non-cash exchanges. She explained that at present, Ukrainian citizens can conduct non-cash exchanges of Russian and Belarusian rubles stored on bank accounts until the end of 2024. The NBU clarified that non-resident banks, with the exception of those that operate as Russian or Belarusian residents, will be able to take advantage of this arrangement. The broader context is that following the onset of military operations in Ukraine, a ban was placed on monetary transactions involving the rubles of Russia and Belarus.

Earlier statements from the NBU noted a decline in Ukraine’s international reserves. It was reported that reserves fell by about 2 billion dollars in January, bringing the total to around 38.5 billion dollars. This update reflects ongoing developments in the country’s balance of payments and the central bank’s ongoing review of liquidity and capital adequacy amid broader economic pressures.

Analysts watching Ukraine’s financial system emphasize that policy shifts such as these may influence consumer spending patterns, merchant cash flows, and cross-border payment practices. Observers also highlight that the NBU’s actions align with a broader trend among central banks toward greater oversight of digital payments, currency exchange channels, and the risk of tax evasion through cash-intensive transactions. The bank has indicated that it will continue to monitor the effects of these measures and adjust the framework as needed to maintain financial stability while supporting legitimate business activity.

For stakeholders, the implications are multi-faceted. Retailers and service providers may need to adapt their point-of-sale configurations and verify compliance with updated rules. Financial institutions could reassess risk controls, customer due diligence, and reporting requirements to align with the new regime. Policymakers in Kyiv emphasize that the objective remains to reduce opportunities for circumvention of tax and regulatory obligations while preserving access to essential financial services for citizens and businesses alike. The ongoing dialogue around these measures is likely to influence regulatory expectations in the months ahead and may shape industry practices across the Ukrainian payments ecosystem. Markers from Strana.ua and other industry observers suggest that the process will unfold as the NBU finalizes its investigations and shares more concrete guidance with market participants, including timelines for implementation and any transitional provisions. Attribution: Strana.ua reporting based on NBU briefings and public statements.

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