Ukrainians to face limits on jewelry purchases and real estate transactions abroad

The National Bank of Ukraine (NBU) will tighten several currency restrictions as of September 10 to prevent unproductive capital outflows from the country, the regulator's press service reported.

The tightening of restrictions will apply to settlements abroad using payment cards issued by Ukrainian banks for accounts in foreign currency to pay for a range of goods and services.

Specifically, the National Bank will set a monthly limit of 100,000 UAH ($2,429) for settlements abroad for transactions with merchant codes 5094 (precious stones, metals, and jewelry), 5944 (watches, jewelry, and silverware), and 5972 (coin and stamp stores).

"This limit corresponds to the overall limit set by the NBU for settlements abroad using payment cards issued by Ukrainian banks for accounts in national currency. The need for this measure was confirmed by an analysis conducted by the NBU involving banks and payment systems. It confirmed the presence of attempts to circumvent the NBU's restriction on the purchase of bank metals outside Ukraine, which was established for the period of martial law," the National Bank explained.

Additionally, transactions with real estate agents and managers abroad will be restricted.

Specifically, a monthly limit of 500,000 UAH ($12,154) will be set for settlements abroad for transactions with merchant code 6513 (real estate agents and managers). Transactions with this code are used to pay management fees, accommodation fees, and related commissions.

The NBU emphasizes that the 500,000 UAH limit takes into account the needs of Ukrainians who are abroad or traveling and meets the needs of 98% of bank clients who conduct these transactions.

At the same time, the restrictions will help prevent attempts to circumvent the NBU's established limits on these transactions and prevent significant capital outflows from Ukraine.