Ahead of the “Rebuilding Ukraine” conference in Gdańsk, Poland, the American Chamber of Commerce in Ukraine, in partnership with Citi Ukraine, presents the results of its latest survey, “Doing Business in Ukraine During the War”. Designed to reflect the realities of doing business during wartime, this survey examines how companies in Ukraine are overcoming operational disruptions and labor shortages, making investment decisions, and planning for recovery amid Russia’s full-scale war. The survey also analyzes business expectations regarding Ukraine’s economic outlook, reform priorities, and long-term investment potential.
92% of AmCham member companies continue to operate at full capacity after more than four years of Russia’s full-scale war in Ukraine, demonstrating extraordinary resilience and adaptability. Nearly 70% of member companies that participated in the survey have been operating in Ukraine for more than 20 years.
Nearly half of the responding companies (47%) reported that their plants, factories, facilities, warehouses, or offices sustained damage during the war. Among those that suffered damage, 46% fully repaired the damaged property, while 39% carried out partial repairs. The human toll on businesses was no less severe. Half of the companies surveyed (50%) reported cases of employees being wounded as a result of the war, and 37% noted that they had suffered employee fatalities.
Businesses remain closely tied to the country’s defense efforts. 87% of companies reported that some of their employees are currently serving in the Armed Forces of Ukraine. In addition, 60% of the surveyed companies are already hiring veterans.
71% of the surveyed companies have either already implemented comprehensive policies and initiatives for the reintegration of veterans (24%), are currently developing them (20%), or have introduced initial support measures (27%) to facilitate the return of employees demobilized from service.
According to the survey, 87% of companies reported that their financial performance in the second quarter of 2026 remained unchanged or was better than in the second quarter of 2025, while only 13% experienced a decline. Compared to pre-war levels in 2021, nearly two-thirds of respondents (63%) reported that their financial performance remained stable or improved. At the same time, 37% noted that their performance remains below pre-war levels.
Business optimism is also reflected in investment plans. More than eight out of ten companies (87%) reported that their planned investments in Ukraine for 2026 will either remain unchanged (54%) or increase (33%) compared to 2025.
“This report clearly demonstrates what we see on the ground every day: the extraordinary resilience, adaptability, and unwavering determination of Ukraine’s business community. Despite the challenges posed by the ongoing war, companies are not merely surviving—they are effectively managing risks, adapting their operations, and looking to the future. “At Citi, we are proud to stand shoulder-to-shoulder with Ukrainian businesses during these unprecedented times, demonstrating that the country’s economic structure remains robust, deeply integrated into global markets, and ready for future recovery,” — commented Alexander McWorter, Vice Chairman of AmCham Ukraine and Head of Citi in Ukraine.
The safety and security of employees have become the top challenge for businesses, as noted by 82% of respondents. Next in importance were challenges related to the conscription and mobilization of employees (71%), as well as the ongoing threat posed by Russia’s missile attacks on critical infrastructure and business assets (63%). Companies also identified employee health and mental well-being (50%) and the ability to attract and retain top talent (44%) as key business challenges.
Companies continue to face significant workforce-related challenges, the most pressing of which are employee safety (77%) and the conscription of employees into the armed forces (68%).
Despite ongoing workforce constraints, most companies continue to prioritize the development of local talent. Nearly two-thirds of respondents (63%) indicated that they are not currently considering hiring foreign employees to meet staffing needs in Ukraine. Another 25% remain undecided, while only 12% are actively considering hiring foreign employees.
Nearly half of respondents (44%) describe their current business approach as “cautious stability,” while 23% are pursuing selective expansion, and 12% report aggressive growth and investment plans. Another 12% remain in crisis management mode, and 9% view Ukraine as a future regional growth hub.
As for the outlook, 80% of companies expect the business climate in Ukraine to remain in survival/stability mode through the end of 2026. Only 12% expect a rapid recovery, while 3% forecast a phase of stable growth.
Respondents also remain cautious about the geopolitical outlook: 68% believe that a ceasefire or a lasting peace agreement in 2026 is unlikely, while 32% consider it possible.
When asked what steps the Ukrainian government should take to provide substantial support to businesses in 2026, four out of five companies (80%) cited ensuring the rule of law, fighting corruption, and implementing real and effective judicial reform as their top priority. More than half (55%) called for strengthening national security and defense, as well as clearing Ukraine’s territory of landmines, while 44% emphasized the need to ensure predictability and stability in tax legislation.
“Companies that have been operating in Ukraine for decades are not backing down; they are looking ahead. Despite Russia’s brutal attacks, the business community remains firmly committed to Ukraine—92% are operating at full capacity, and 87% are continuing to invest or increasing their investments. The message from the business community is clear: to accelerate recovery and growth, Ukraine must ensure stronger rule of law, improved security, and predictable tax policy,” — said Andy Hander, president of the American Chamber of Commerce in Ukraine.
Ukraine’s Recovery. When asked what best characterizes companies’ view of Ukraine in 2026, nearly half of respondents (45%) described the country as a stable but unpredictable market. At the same time, 21% consider Ukraine one of Europe’s most promising markets in terms of future growth, while 18% view it primarily as a high-risk survival market, and 16% see it as a market preparing for recovery.
Regarding the timeline for economic recovery, half of the respondents (50%) expect it to become clearly noticeable within 2–3 years after the end of the war. Another 18% believe that a gradual recovery is already underway, while 16% see 2026–2027 as a potential turning point for growth, and 16% believe that the recovery has not yet begun.
The business community identified defense and military equipment (78%) and infrastructure and construction (71%) as the sectors most likely to drive Ukraine’s postwar recovery; followed by energy and decentralized power supply (50%) and agriculture and the food industry (45%). IT and the digital economy (23%), as well as manufacturing and industry (20%), were also highlighted as important drivers of future growth.
Respondents see Ukraine’s appeal to existing and potential investors primarily in its long-term growth potential. The most powerful drivers of investment were identified as opportunities for large-scale reconstruction and post-war economic recovery (76%), followed by Ukraine’s path toward EU accession and integration into the European market (49%). The growth potential of the defense and military technology sector was also cited as a key factor in the country’s attractiveness by 39% of respondents.
At the same time, companies identified several significant obstacles to participating in reconstruction efforts. The most frequently cited issues were the security of reconstruction sites (56%), limited information and transparency regarding projects (55%), and an unclear legal and tender framework (55%).
112 executives from AmCham member companies representing various industries participated in the survey, which was conducted from May 21 to June 16, 2026. 69% of respondents were CEOs.
DETAILED SURVEY RESULTS ARE AVAILABLE HERE.
About AmCham Ukraine:
The American Chamber of Commerce is the most influential international business association in Ukraine. Since 1992, it has served 600 members in the country, uniting the voices of American, international, and Ukrainian companies that have invested over $50 billion in Ukraine and remain committed to the country.
About Citi Ukraine:
Citi Ukraine (JSC “Citibank”) has been operating in the country for over 25 years, serving multinational companies, large Ukrainian corporations, select public-sector entities, and mid-market clients. Citi Ukraine offers a full range of cash and liquidity management services, trading and financial services, treasury services, corporate finance and lending, securities services, and issuer services. In 2020, JSC “Citibank” received the highest credit rating of AAA on the national scale from the rating agency “Expert-Rating” and was recognized as the “Best Corporate/Institutional Digital Bank in Ukraine” by Global Finance’s World’s Best Digital Bank Awards 2020, as well as “Market Leader in Ukraine” based on the results of the Euromoney Cash Management Survey 2020 among corporate clients.
