The situation in Ukraine is perceived differently by business community currently based in Ukraine and those who are abroad. Businesses abroad cannot imagine the possibility of operations in the country in war, while those who are in Ukraine even expand their operations.
Despite the continuing war in Ukraine, reconstruction efforts already started, and the international community is preparing for a large scale investment programme for a post-war period. While this will be a huge challenge, it also offers opportunities from a business perspective. The economy keeps going and investment projects are being developed.
The newsletter is curated by our team of Forvis Mazars experts in Ukraine. It is designed to provide you with up-to-date insights into the latest developments in Ukraine, ongoing efforts in the country’s reconstruction process and the potential opportunities for businesses.
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Ukraine remains under immense pressure the fifth year of Russia’s full-scale invasion, yet its recovery is already underway. Alongside international support and public-sector efforts, Ukrainian people and businesses continue to demonstrate resilience and adaptability, helping lay the foundations for long-term reconstruction and growth.
Four years after the start of the full-scale invasion, February 2026 has stood as a pivotal moment for Ukraine. While the country faces relentless attacks, it continues to show resilience.
The beginning of this year has been exceptionally challenging for Ukraine. Regular attacks on the country’s energy infrastructure have triggered one of the most severe energy crises since the full-scale invasion, leaving thousands of households without heating and electricity in the middle of winter. This context underlines, more than ever, the critical importance of sustained support for Ukraine’s...
The year 2025 was particularly challenging for Ukraine. Yet once again, the country demonstrated remarkable resilience in the face of the hardships imposed by the war, continuing its efforts to adapt and move forward.
November was one of the toughest months for Ukraine since the full-scale invasion began. The country faced new attacks on civilian and critical infrastructure, ongoing pressure on the front lines, widespread electricity outages and pressure related to peace negotiations.
In this October issue, we’re happy to be back with the latest updates on Ukraine’s recovery. As winter approaches, attacks on the country’s energy infrastructure are intensifying, putting additional strain on the energy system and showing that Russia remains unwilling to end its aggression. Despite the government’s continued efforts to restore damaged facilities, the situation remains difficult, and...
As autumn begins, we’re back with a fresh look at the key events of September. It was a particularly difficult month: Russian attacks on Ukraine continued, bringing new losses and destruction. At the same time, provocations have spread beyond Ukraine’s borders, once again reminding us that the threat is shared across Europe.
As summer comes to an end, we are pleased to share with you a new edition of our newsletter, highlighting the key developments from July and August on Ukraine’s reconstruction.
June brought some critical developments for Ukraine on both the military and diplomatic directions. The country intensified its military operations launching a series of successful strikes, most notably the high-impact Operation Spiderweb. On the international stage, another major symbolic step was taken with the signing of an agreement to establish a Special Tribunal for the Crime of Aggression against...
May was marked by a series of significant developments for Ukraine. On 23 May, the U.S.-Ukraine Investment Fund was officially launched, following a diplomatic note sent by U.S. Chargé d’Affaires a.i. in Ukraine, Julie S. Davis, to Ukraine’s Minister of Economy, Yuliia Svyrydenko. At the same time, mid-May also witnessed the first direct talks between Ukrainian and Russian representatives since 2022....
April was a difficult month for Ukraine, marked by intensified attacks on cities that resulted in civilian casualties and destruction of infrastructure. With prospects for a peace agreement still uncertain, international support remains essential to sustaining Ukraine’s defense and advancing its reconstruction efforts.
March brought new support programs and valuable cooperation that contribute to Ukraine’s recovery and help its economic development.
As Ukraine enters its fourth year of full-scale war, the country continues to demonstrate unwavering resilience and an unbreakable determination to achieve victory. Yet, the challenges remain immense, and the urgency for stronger international support has never been more critical.
The year 2025 is set to be a transformative period for Ukraine, both militarily and geopolitically. As the new United States administration takes the global stage, its policies are expected to significantly influence the course of the ongoing war. While hopes for a swift resolution remain high, the situation on the front lines remains complex and challenging due to Russia’s intensified offensive....
The year 2024 was marked by persistent challenges, but also by remarkable advances driven by resilience, innovations and unfailing international solidarity. This first edition of the year celebrates the progress made in 2024 and takes an optimistic look at the opportunities and projects that will shape Ukraine in 2025.
We are pleased to present you the November edition of our monthly newsletter, highlighting a period of both pivotal developments and significant challenges for Ukraine. Among the key events, the USA and several allied nations authorized Ukraine to strike Russian territory using their missiles, marking a decisive shift in the conflict. At the same time, November brought troubling news, as Ukraine became...
October was marked by a challenging situation on the front lines and alarming news regarding the deployment of North Korean soldiers to the war against Ukraine. However, Ukraine continues its relentless pursuit of victory, and the development of the Victory Plan by the President of Ukraine is a testament to this effort.
After the summer break, we are delighted to share the latest news with you and keep you updated on the main efforts in the reconstruction of Ukraine.
July was a month of devastating and tragic events for Ukrainian citizens, marked by intense shelling across the country and numerous casualties among the civilian population, including children. One such missile attack led to the destruction of Okhmadyt National Children’s Hospital in Kyiv, the largest children’s hospital in Ukraine, along with maternity wards and other civilian infrastructure. Amid...
June was a month of major international events focusing on Ukraine's security and economy. It included several international visits by President Zelenskyi, the Ukraine Peace Summit in Switzerland, the Ukraine Recovery Conference in Berlin, and the G7 Summit in Italy. Important decisions were made, and significant announcements were delivered at each of these events, which we will delve into in this...
May witnessed the repercussions of attacks on Ukrainian energy infrastructure, resulting in regular electricity cuts to optimize resources. Additionally, the month marked the signing of the framework agreement for the implementation of the EUR 50 billion Ukraine Facility, paving the way for its ratification by the Ukrainian Parliament.
April has proven to be a promising month for Ukraine's defense and resilience, as we witnessed the approval of the $61 billion US financial aid package by both the House of Representatives and the Senate, signed by the President of the United States. Additionally, there has been progress in the Ukraine Facility mechanism, with the disclosure of additional details. However, April also marked a month...
March brought about challenging circumstances on the front line, with intensified shelling, particularly targeting energy infrastructure. However, it also marked significant announcements concerning the Ukraine Facility and the approval of the complex Ukraine Plan by Ukrainian Cabinet of Ministers.
As we step into the third year since Russia's full-scale invasion of Ukraine, the resilient spirit of the Ukrainian nation persists as it addresses immediate needs and strategic plans for reconstruction. While awaiting resolution on the US aid package, Ukraine has been actively forging security agreements with its international partners, solidifying collaborative efforts and bolstering military support.
In this 9th edition of our newsletter, we will delve into macroeconomic figures, explore progress in demining efforts, and highlight recent announcements from financial institutions and the private sector, including significant mergers and acquisitions.
This guide, created by Forvis Mazars in Ukraine experts, is designed to provide insights into Ukraine’s recovery and reconstruction, empowering you to take the first steps towards participating in these initiatives.
Explore the Forvis Mazars brochure to discover how our global expertise can support your business ambitions and your projects in Ukraine.
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