Foreign Currency Control in International Trade: How to Avoid Audits and Fines
The State Tax Service of Ukraine reminds: in 2025, businesses involved in international trade (foreign economic activity — FEA) should pay special attention to currency control requirements. Missing deadlines or formalities leads directly to fines, blocked payments, and audits.
GLS Law explains what your company needs to know to stay in the “green zone” of currency supervision.
What Is Currency Control?
Currency control is a system for monitoring settlements between Ukrainian residents and foreign non-residents. Its goal is to prevent:
- capital flight abroad;
- violations of currency laws;
- fictitious imports/exports.
According to Part 2 of Article 11 of the Law of Ukraine “On Currency and Currency Transactions”, currency control uses a risk-based approach. This means that authorities focus only on transactions that seem risky or suspicious.
What Triggers Currency Supervision?
Banks notify the State Tax Service of high-risk operations. Common violations include:
- ❌ incomplete document packages submitted to the bank;
- ❌ customs declarations submitted to a non-servicing bank;
- ❌ payments received in accounts not listed in the declaration;
- ❌ failure to inform the bank of changes to customs declarations (e.g. correction sheet);
- ❌ exceeding payment deadlines without explanation.
How to Avoid Currency Control Issues?
The State Tax Service recommends:
- Pre-approve your document list with the bank;
- Submit documents promptly and within legal deadlines;
- Inform your bank immediately about any declaration changes;
- Cross-check payment info and customs declaration: currency, payer name, account number, etc.
Following these steps:
- reduces inspections,
- saves time on clarifications,
- minimizes fines and blocked currency transfers.
Policy Context: New STS Strategy
Currency control is part of Ukraine’s Revenue Strategy 2030 (Cabinet Resolution No. 1218-р). In 2023, Ukraine adopted the Concept for Tax Risk Management System (TRMS) — aiming for more accurate and transparent control through automation.
For business, this means: the better your internal compliance — the less attention from regulators.
How GLS Law Assists Businesses
We support international trade companies with:
- document review for currency compliance;
- pre-payment audit of foreign trade operations;
- legal registration of contract/declaration changes;
- assistance during currency audits and disputes.
📌 Don’t wait until the bank flags you to the tax service — book a consultation with GLS Law today.
Sign up: https://gls-law.company
