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 The European Commission proposed on Friday allowing Ukraine refugees to convert their hryvnia currency into euros up to a maximum of around 300 euros ($331.7) person, as part of the bloc's humanitarian assistance to those fleeing the war.

The proposal, which takes the form of a recommendation to EU governments and would need their backing, would allow those who have fled to the European Union the right to convert a maximum of 10,000 hryvnia per person without charges.

Based on the official exchange rate of the National Bank of Ukraine, the rate that would be used, that would equate to a maximum of 307.91 euros.

Since Russia's invasion of Ukraine, over 3.8 million people have fled over the border into EU countries. The EU has already granted them "temporary protection" status, meaning they are entitled to work, receive medical assistance and send their children to school.

The Commission said its recommendation aimed to ensure a coordinated approach in all EU countries and was necessary because the Ukraine central bank had to suspend exchanges to protect the country's limited foreign exchange reserves.

That meant EU credit institutions were unwilling to carry out exchanges of hryvnia due to the limited convertibility of banknotes and exposure to exchange rate risk. (Reuters)