NBU permits one-off exchange of Russian, Belarusian rubles in 2024

MOSCOW. Feb 8 (Interfax) - The National Bank of Ukraine (NBU) has permitted non-cash exchanges of Russian and Belarusian rubles held in the accounts of clients who are not subject to sanctions, Ukrainian media said, citing a report published on the NBU website on Wednesday.

Under the NBU's February 5, 2024 resolution, which amends the bank's resolution, dated February 24, 2022 and took effect on February 7, this one-off exchange will be possible until the end of 2024.

The NBU specified the requirements for banks' correct termination of their currency oversight of residents' compliance with the deadline set by the bank for settlements on import operations regarding humanitarian assistance brought into Ukraine from December 1, 2023.

As reported, the Ukrainian Verkhovna Rada passed legislation to update state regulation of the financial service markets, permitting one-off non-cash sales through non-Russian and non-sanctioned banks of Russian and Belarusian rubles from accounts in resident banks that were frozen following the start of the crisis.