National Bank of Ukraine: Revolut did not obtain a licence to operate in the Ukrainian market
On 27 February 2025, the National Bank of Ukraine (NBU) issued a statement in which it emphasised the need for Revolut Bank UAB to obtain a licence to operate legally in Ukraine. Currently, Revolut does not have any relevant permits from the NBU and has not applied for or undergone any licensing procedure.
Context.
Revolut Bank UAB is a Lithuanian bank operating under a European Union licence. The company has announced its intention to expand its services to Ukrainian customers, but to officially operate in Ukraine, it needs to obtain a permit from the NBU.
NBU's position
The NBU emphasises that any banking activity in Ukraine should be carried out only under the appropriate licence. This applies to both the establishment of branches of foreign banks and obtaining a banking licence in Ukraine. To date, Revolut has not initiated any licensing procedure or submitted any relevant applications.
Possible consequences
Without obtaining a licence from the NBU, Revolut's activities in the Ukrainian market will be considered illegal. This may result in restrictions on access to the company's services for Ukrainian users and potential sanctions from the regulator.
Next steps
In order to officially enter the Ukrainian market, Revolut must submit the relevant documents to the NBU and go through the licensing procedure. Only after obtaining the permit will the company be able to provide its services to Ukrainian clients in a legal manner.
The situation remains dynamic, and further developments will depend on the actions of Revolut and the decisions of the National Bank of Ukraine.
Source: National Bank of Ukraine
