Must read: Russia-Ukraine war
Russian sanctions
On February 27, 2022 the Prosecutor General's Office of the Russian Federation issued a warning that the provision of any assistance to a foreign state, including money transfers, during its military operation in Ukraine will be regarded as treason under Article 275 of the Criminal Code of the Russian Federation. The punishment for this crime is up to 20 years imprisonment.
This means that, at the time of writing, a money transfer from a Russian national to any Ukrainian legal body or Ukrainian person will be considered high treason punishable with up to 20 years of jail time.
National Bank of Ukraine measures
In response to Russia's invasion of Ukraine, the National Bank of Ukraine has adopted a resolution in connection with the declaration of martial law. These measures will affect anyone looking to send money from Ukraine to other countries. Measures include the following:- A moratorium has been introduced on cross-border foreign currency payments - this is a temporary suspension of international money transfer activity.
- Cash releases in foreign currency have been prohibited.
- Banks issuing e-money are to suspend the issuance of e-money, replenishing e-wallets with e-money and e-money distribution - this is likely referring to fiat currencies held in digital accounts through platforms like Venmo or PayPal.
- The foreign exchange market has been suspended, with the official exchange rate fixed as of February 24, 2022.
- Cash withdrawals from banks accounts have been limited to UAH 100,000 per day (excluding salary and social benefits).