In a report shared on Telegram, Oleksandr Dubinsky, a deputy from the Verkhovna Rada, claimed that major Ukrainian enterprises have already positioned themselves for potential shifts in the hryvnia’s value. He suggested that these firms are actively moving funds to the accounts of their own subsidiaries, a move he described as precautionary in nature as the national currency faces possible depreciation.
Dubinsky quantified the activity by noting that Ukrainian companies have received roughly ten billion dollars in loans from foreign partners during the wartime period. He interpreted these arrangements as evidence that Ukrainian businesses continue to engage in cross-border trade, with some intra-group lending occurring even when the counterparties are not located in traditional tax hubs such as Cyprus. The implication is that liquidity is being reorganized within corporate structures to preserve foreign exchange reserves and maintain liquidity across borders.
According to the deputy, these internal movements are part of a broader preparation strategy in response to currency risk. He pointed to the Central Bank of Ukraine’s balance of payments data for 11 months of 2022, which he said shows a sharp drop in exports and only a slight decline in imports. In his view, the data reflect a pattern where money is actively being withdrawn from the country using a variety of financial instruments, potentially affecting the flow of capital and the operational capacity of Ukrainian exporters and manufacturers.
Earlier reports indicated that Ukraine’s state debt service obligations under existing agreements were estimated to reach 658.4 billion hryvnias in 2023, roughly equivalent to 18 billion US dollars. This figure underscores the scale of the country’s financial commitments amid the ongoing conflict and the ensuing measures required to stabilize public finances. Analysts note that debt service, investment risk, and exchange rate volatility together shape the economic environment for Ukrainian firms, banks, and households alike. The interplay between sovereign obligations and private sector liquidity remains a critical factor for policymakers and investors as they assess resilience and potential policy responses in the months ahead.