diff --git a/pkg/compiler/analysis.go b/pkg/compiler/analysis.go
index b3ca6954a..79827d303 100644
--- a/pkg/compiler/analysis.go
+++ b/pkg/compiler/analysis.go
@@ -282,7 +282,14 @@ func (c *codegen) visitPkg(pkg *packages.Package, seen map[string]bool) {
 		return
 	}
 	for _, imp := range pkg.Types.Imports() {
-		c.visitPkg(pkg.Imports[imp.Path()], seen)
+		var subpkg = pkg.Imports[imp.Path()]
+		if subpkg == nil {
+			if c.prog.Err == nil {
+				c.prog.Err = fmt.Errorf("failed to load %q package from %q, import cycle?", imp.Path(), pkg.PkgPath)
+			}
+			return
+		}
+		c.visitPkg(subpkg, seen)
 	}
 	seen[pkg.PkgPath] = true
 	c.packages = append(c.packages, pkg.PkgPath)
diff --git a/pkg/compiler/codegen.go b/pkg/compiler/codegen.go
index 957a508e7..e03866aad 100644
--- a/pkg/compiler/codegen.go
+++ b/pkg/compiler/codegen.go
@@ -2209,6 +2209,9 @@ func (c *codegen) newLambda(u uint16, lit *ast.FuncLit) {
 func (c *codegen) compile(info *buildInfo, pkg *packages.Package) error {
 	c.mainPkg = pkg
 	c.analyzePkgOrder()
+	if c.prog.Err != nil {
+		return c.prog.Err
+	}
 	c.fillDocumentInfo()
 	funUsage := c.analyzeFuncAndGlobalVarUsage()
 	if c.prog.Err != nil {
diff --git a/pkg/compiler/import_test.go b/pkg/compiler/import_test.go
index 9080209f4..967d387b1 100644
--- a/pkg/compiler/import_test.go
+++ b/pkg/compiler/import_test.go
@@ -2,7 +2,11 @@ package compiler_test
 
 import (
 	"math/big"
+	"strings"
 	"testing"
+
+	"github.com/nspcc-dev/neo-go/pkg/compiler"
+	"github.com/stretchr/testify/require"
 )
 
 func TestImportFunction(t *testing.T) {
@@ -61,3 +65,27 @@ func TestImportNameSameAsOwn(t *testing.T) {
 	}`
 	eval(t, src, big.NewInt(3))
 }
+
+func TestImportCycleDirect(t *testing.T) {
+	src := `
+		package some
+		import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/importcycle/pkg2"
+		func Main() int {
+			return pkg2.A
+		}
+	`
+	_, _, err := compiler.CompileWithOptions("some.go", strings.NewReader(src), nil)
+	require.Error(t, err)
+}
+
+func TestImportCycleIndirect(t *testing.T) {
+	src := `
+		package some
+		import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/importcycle/pkg1"
+		func Main() int {
+			return pkg1.A
+		}
+	`
+	_, _, err := compiler.CompileWithOptions("some.go", strings.NewReader(src), nil)
+	require.Error(t, err)
+}
diff --git a/pkg/compiler/testdata/importcycle/pkg1/pkg1.go b/pkg/compiler/testdata/importcycle/pkg1/pkg1.go
new file mode 100644
index 000000000..63bdc4fb7
--- /dev/null
+++ b/pkg/compiler/testdata/importcycle/pkg1/pkg1.go
@@ -0,0 +1,9 @@
+package pkg1
+
+import "github.com/nspcc-dev/neo-go/pkg/compiler/testdata/importcycle/pkg2"
+
+var A int
+
+func init() {
+	pkg2.A = 1
+}
diff --git a/pkg/compiler/testdata/importcycle/pkg2/pkg2.go b/pkg/compiler/testdata/importcycle/pkg2/pkg2.go
new file mode 100644
index 000000000..f80a896d3
--- /dev/null
+++ b/pkg/compiler/testdata/importcycle/pkg2/pkg2.go
@@ -0,0 +1,11 @@
+package pkg2
+
+import (
+	"github.com/nspcc-dev/neo-go/pkg/compiler/testdata/importcycle/pkg3"
+)
+
+var A int
+
+func init() {
+	pkg3.A = 2
+}
diff --git a/pkg/compiler/testdata/importcycle/pkg3/pkg3.go b/pkg/compiler/testdata/importcycle/pkg3/pkg3.go
new file mode 100644
index 000000000..35abab456
--- /dev/null
+++ b/pkg/compiler/testdata/importcycle/pkg3/pkg3.go
@@ -0,0 +1,11 @@
+package pkg3
+
+import (
+	"github.com/nspcc-dev/neo-go/pkg/compiler/testdata/importcycle/pkg2"
+)
+
+var A int
+
+func init() {
+	pkg2.A = 1
+}