The National Bank of Ukraine (NBU) is working on regulations that would limit bank card transfers and impose caps on cash transactions at self-service terminals, Deputy NBU Governor Kateryna Rozhkova said on Feb. 8, as reported by Interfax-Ukraine.

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Discussions with the parliamentary Finance Committee will follow, Rozhkova added.

“The issue of introducing extra controls on individuals’ transactions is delicate, especially when it pertains to how people manage their own funds,” said Rozhkova.

“We’re examining the question from multiple perspectives.”

She expressed reluctance to pre-emptively announce specific measures before a final decision is made to avoid confusion.

According to her, the restrictive measures are being developed in response to the prevalence of untaxed ‘shadow’ payments. Although the practice is not endemic across Ukraine, it does involve a considerable number of companies seeking to minimize tax obligations through elaborate avoidance strategies.

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“With our accumulated experience, we’re actively considering our approach and will consult with MPs to find the best path forward,” Rozhkova concluded.

“Our objective is twofold: to avoid [imposing] restrictions on legitimate businesses and individuals while, at the same time, lowering avenues for tax evasion.”

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