The National Bank of Ukraine restricts Ukrainians from purchasing watches, jewelry, precious stones, and metals abroad

The National Bank of Ukraine (NBU) will implement changes to existing currency restrictions starting tomorrow.

This was announced on the NBU’s website.

The tightening of restrictions will affect payments abroad using payment cards issued by Ukrainian banks tied to foreign currency accounts. These restrictions will apply to purchases of certain goods and services, such as watches, jewelry, silver items, precious stones, coins, and similar products.

The NBU is setting a monthly limit of 100,000 UAH (about 2,195 EUR) for foreign transactions made using payment cards linked to foreign currency accounts opened at Ukrainian banks. This limit will apply to transactions under merchant codes 5094 (precious gems, metals, and jewelry), 5944 (watches, jewelry, and silver items), and 5972 (coin and stamp stores). This limit is consistent with the general limit set by the NBU for foreign transactions using payment cards linked to accounts in the national currency.

The NBU justifies this move based on an analysis conducted in collaboration with banks and payment systems, which revealed attempts to circumvent the NBU’s restriction on purchasing banking metals abroad during the martial law period.

Additionally, a monthly limit of 500,000 UAH (about 10,975 EUR) is being established for payments abroad using payment cards tied to foreign currency accounts for transactions under merchant code 6513 (real estate agents and managers). This code is used for paying management fees, accommodation costs, and related commissions. The 500,000 UAH limit takes into account the needs of Ukrainians living abroad or traveling internationally and is expected to meet the requirements of 98% of bank clients who conduct these transactions, according to the NBU. This limit aims to prevent attempts to bypass NBU restrictions on such transactions and to avoid significant capital outflow from Ukraine.

Today, the NBU also advised banks to set spending limits for Ukrainians based on their official income levels.

In late August, the NBU introduced a 150,000 UAH limit on card transfers.