Currency for investment in Ukraine

Due to certain amendments to the legislation made by the Law “On the Introduction of Amendments to Certain Laws of Ukraine for Overcoming the Negative Consequences of the Financial Crisis” for the Law of Ukraine “On the regime of foreign investments”, Art. 2:
Foreign investors shall carry out investment activities in monetary form only through special investment accounts opened in authorized Ukrainian banks. Foreign currency, recognized by the National Bank of Ukraine as convertible currency, shall be placed on the investment accounts as foreign currency for foreign investments.
Pursuant to Regulations on procedure of foreign investment in Ukraine (Resolution of the National Bank of Ukraine from 10 March 2005 No. 280) clause 1.6: Foreign currency of group 2 or 3 of the Classifier, transferred from abroad in order to perform investment activities for placement on special investment accounts or resident’s current account, shall be returned to the sender bank without placing indicated foreign currency on the clearing account by an authorized bank from the time of receiving information upon the aim of transaction from the sender and/or sender bank and/or bank’s customer – a recipient.
Hence comes the conclusion, that foreign currency of group 1 of the Classifier only shall be placed on investment accounts of foreign currency (Resolution of the Board of the NBU from 4 February 1998 No. 34):
Australian dollar, English pound of sterling, Danish kroner, US dollar, Iceland kronas, Canadian dollar, Norwegian kroner, Swedish crowns, Swiss franc, Japanese yen, EURO, SDR, Gold, Palladium, Platinum, Silver.
Therefore hryvnya’s sum equivalent of one of the above mentioned currencies must be transferred onto the investment account. The balance of an account remaining after currency exchange into hryvnya due to the interbank rate shall be returned to the investor or remain on the investment account for further investments in Ukraine.