Due to the cancellation of trade preferences in the EU, Ukraine will lose $800 million in revenue

Due to the expiration of Ukraine’s trade preferences with the European Union on June 6, the Ukrainian foreign exchange market is expected to lose about $800 million by the end of 2025.

This was reported by the National Bank of Ukraine (NBU).

“Our net export losses for the period from June to December 2025 will amount to $800 million. This is a significant figure for our balance of payments and currency market, but it is not critical and can be offset by measures from the National Bank,” said NBU Deputy Chairman Serhiy Nikolaychuk today.

By “measures,” he appears to be referring to the NBU’s daily dollar sales on the interbank market, using the country’s foreign exchange reserves—which, during the full-scale war, have been replenished primarily through international aid. However, the NBU has recently noted increased risks to this stability amid global trade tensions and potential reductions in the financial capacity of Ukraine’s international partners.

It is precisely this foreign financing that has enabled the NBU to grow its reserves to a record high of $46.7 billion as of May 1, 2025.

Although a fresh report is not yet available, official data shows that the NBU’s foreign exchange sales on the interbank market increased from $2.2 billion in April to $2.9 billion in May. In total, the NBU sold $14.55 billion in the first five months of this year—around one-third of its reserves:

• January — $3.75 billion

• February — $3.1 billion

• March — $2.6 billion

• April — $2.2 billion

• May — $2.9 billion

The actual monthly shortfall due to the EU’s suspension of trade preferences will become clearer based on June’s results.

As previously reported, the EU’s autonomous trade measures for Ukraine expired on June 6. After this date, the European Commission will begin implementing a transitional enforcement act. The document was agreed upon at a special intergovernmental committee at the end of May.