On 9 July 2019, the Board of the National Bank of Ukraine (the "National
Bank") adopted Resolution No. 91 "On Amending Certain Regulations of the
National Bank of Ukraine" (the "Resolution"). Amendments introduced by the
Resolution became effective on 10 July 2019.

The Resolution completely eliminates all restrictions on payment of dividends
to non-residents. However, general requirements and formalities regarding
payment of dividends (e.g., corporate law) still apply.

To recap, the National Bank initially introduced the restriction on repatriation
of dividends in 2014. Subsequently, the National Bank softened this restriction
and allowed repatriation of dividends within certain limits and for certain

The Resolution continues the National Bank's policy of softening temporary
currency control restrictions, as declared after adoption of Law of Ukraine
"On Currency and Currency Transactions" No. 2473-VIII. The main purpose of
this liberalization is to establish the free flow of capital.

Full text of EY Legal Practice Legal Alert Release can be found here: /files/EY-Legal-Alert_10-July-2019_Eng.pdf