Impact of Currency Restrictions on the Management of Enterprises’ Foreign Economic Activities

The article examines the impact of the system of currency restrictions introduced under martial law on the management of foreign economic activity of Ukrainian enterprises. The purpose of the work is to analyze the economic consequences of regulatory barriers for enterprises engaged in foreign economic activity, conduct a comparative analysis of Ukraine’s currency policy with international experience, and identify mechanisms for adapting business to activities under currency regulation. The theoretical basis comprises legislative and regulatory acts of the National Bank of Ukraine, financial statements of Ukrainian holdings, IMF data, and other analytical materials. It is determined that with the beginning of the full-scale invasion, a significant number of currency restrictions were introduced, which helped to ensure macroeconomic stability in the country, but this also caused significant damage to major exporting businesses due to exchange rate differences and liquidity problems. A comparative analysis of the international experience of currency restrictions using the example of Argentina made it possible to assess their impact in the long term. It has been established that foreign economic restrictions, as a rule, in the short term ensure macroeconomic stability, however, the long-term preservation of strict restrictions leads to structural deformations in the state economy, at the micro level the profitability and efficiency of business activities decreases, while at the macro level the efficiency of traditional monetary policy decreases, the country loses its investment attractiveness and leads to the formation of multiple exchange rates. Business adaptation strategies have been considered, it has been determined that business entities are improving liquidity management models using alternative financial instruments, such as bonds, foreign securities and, partially, crypto assets. There has also been a change in the employment structure of the population, to minimize regulatory and personnel risks under martial law. It has been concluded that, provided that the necessary macroeconomic indicators are achieved, a gradual liberalization of currency restrictions is necessary.