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Due to\u00a0the\u00a0introduction of martial law in Ukraine,\u00a0on 24 February 2022\u00a0the National Bank of Ukraine\u00a0imposed a general moratorium on cross-border payments outside of Ukraine. Among others, the moratorium prohibits\u00a0external debt servicing payments for Ukrainian borrowers with certain exceptions for loans provided by international financial institutions (e.g., EBRD, EIB, IFC, NIB, BSTDB)\u00a0(“IFIs”) and loans guaranteed by the Ukrainian government. Over time, the regulator\u00a0has gradually lifted\u00a0some of the restrictions,\u00a0including by allowing\u00a0such\u00a0borrowers to repay a portion of accrued interest and extending the list of permitted payments which involve the participation of IFIs.<\/p>\n
Continuing the relaxation of the moratorium regime, from 16 June 2023,\u00a0the National Bank of Ukraine\u00a0has\u00a0further extended the list of exempted payments. Ukrainian borrowers are now allowed to service their external loans that were:\u00a0<\/p>\n
1.\u00a0 \u00a0 secured by a guarantee or surety of an IFI;\u00a0or\u00a0
\n2.\u00a0 \u00a0 granted by way of lending, or were insured or guaranteed, by:
\na.\u00a0 \u00a0 a foreign export credit agency;
\nb.\u00a0 \u00a0 an institution authorised by a foreign state; or
\nc.\u00a0 \u00a0a foreign lender whose shareholders include a foreign state or a foreign bank with shares\u00a0fully or partially\u00a0owned by\u00a0a foreign state.<\/p>\n
Servicing debt under the loans listed above may include repayment of both principal and interest, as well as any other amounts payable to foreign lenders pursuant to the loan agreement. At the same time, however, early repayment or acceleration of payment in case of an event of default\u00a0is still not\u00a0allowed.<\/p>\n