Ukrainians were allowed to exchange Russian rubles: only non-cash and once

Starting from February 7, 2024, Ukrainian enterprises and ordinary citizens have the opportunity to exchange Russian and Belarusian rubles for Ukrainian currency.

This was reported in a publication published on the evening of February 6 resolution National Bank No. 17. Law No. 3498 IX was adopted at the end of December 2023, but the corresponding resolution of the National Bank appeared only now.

Ruble currency exchange is allowed in a one-time form for each account holder and only in non-cash form. You do not need to bring cash banknotes to banks. You are allowed to exchange non-cash Russian rubles once and Belarusian rubles once. Most likely this will be a one-time action – the National Bank does not promise additional ones. It is assumed that people will immediately exchange all the remaining rubles in their accounts. The exchange period will last until December 31, 2024.

Data from the National Bank of Ukraine, which was presented in November 2023, indicate that the total amount in ruble accounts in Ukraine is equivalent to 1.9 billion hryvnia:

• on the accounts of legal entities – UAH 1.74 billion;
  on the accounts of individuals – UAH 141 million.

There are much fewer Belarusian rubles – their amount is equivalent to 2 million hryvnia, and almost all the funds are in the accounts of legal entities.

The NBU also allowed writes publication “Country”, Ukrainian banks should carry out currency exchange of rubles in their correspondent banks so that they can sell Russian and Belarusian currency exchanged to clients. The only condition is the partner bank should not be from the Russian Federation or Belarus and should not be under sanctions.

The above-mentioned Resolution No. 17 of the NBU allowed financiers, using a simplified procedure, to remove from exchange control transactions for the supply of goods that fall under humanitarian aid and are registered accordingly. Companies will be required to provide fewer and less frequent additional documents for imported goods.

The exchange of Russian and Belarusian rubles and other transactions with them have been prohibited in Ukraine since February 24, 2022.

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