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Ukraine May Shift Currency Peg from U.S. Dollar to Euro Amid Global Trade Shifts

Ukraine is considering moving away from its reliance on the U.S. dollar and strengthening the role of the euro in its currency policy, according to National Bank of Ukraine (NBU) Governor Andriy Pyshnyy, as reported by Reuters.

Pyshnyy stated that the potential pivot comes in response to “a fractured global trade landscape and Ukraine’s deepening economic and defense ties with Europe.” He emphasized that increased European Union involvement in Ukraine's defense, rising volatility in global financial markets, and the ongoing fragmentation of international trade are driving the National Bank to reevaluate its currency priorities.

“We are reassessing whether the euro should become the primary anchor currency for the hryvnia, instead of the U.S. dollar,” Pyshnyy said.

While U.S. dollar transactions still dominate Ukraine's foreign exchange operations, Pyshnyy noted that the share of euro-denominated activity is gradually increasing across most segments of the market — although the trend remains moderate for now.

Broader Trend of De-Dollarization

This move would align Ukraine with a broader trend seen in parts of Asia, where countries have begun reducing their reliance on the U.S. dollar, particularly in response to policies such as tariffs implemented by the Trump administration.