NBU Allows To Make Number Of Insurance Payments Abroad

The National Bank of Ukraine (NBU) allowed to make a number of insurance payments abroad.

The NBU has said this in a statement, Ukrainian News Agency reports.

The National Bank expanded the list of exceptions to the ban on cross-border transfers for insurance market participants.

So, from April 22, 2022, insurance market participants are allowed to buy foreign currency in order to transfer funds in foreign currency for the following types of insurance:

- medical insurance abroad (transactions for making insurance payments under insurance contracts for persons traveling abroad to the accounts of assisting non-resident companies);

- Green Card (operations of the Motor (Transport) Insurance Bureau of Ukraine on payment of insurance premiums under reinsurance agreements and insurance payments to victims or claims for compensation of such payments under international insurance agreements Green Card).

The abovementioned amendments and a number of other clarifying amendments were made by the Resolution of the Board of the National Bank of Ukraine dated April 22, 2022 No. 81, which entered into force on April 22, 2022.

As Ukrainian News Agency earlier reported, on March 21, the National Bank of Ukraine increased the daily limit on cash withdrawals in Ukraine from accounts in foreign currency from UAH 30,000 to UAH 100,000 (in equivalent).