February 2026 – Ukraine’s government has adopted a key resolution to establish an Interagency Commission for screening foreign investments (the "FDI Commission"). At the same time, the country’s parliament (Verkhovna Rada) is presently assessing competing draft laws on foreign direct investment ("FDI") screening.
The FDI Commission is set to serve as an interim coordination mechanism to assess national security risks related to foreign investments. The body will act as an umbrella for the relevant authorities to streamline reviews and reduce fragmented decision-making in sensitive cases. The FDI Commission will reportedly be co-chaired by the Minister of the Economy and the First Deputy Secretary of the National Security and Defense Council of Ukraine, reflecting the involvement of both the economic and national security authorities.
The above moves come against the backdrop of an ongoing legislative process to create a functional and efficient FDI screening regime. As of early 2026, no FDI draft law has yet been adopted, no preferred model has been selected, and no implementation timeline has been set. The current debate, however, is focused on two legislative drafts:
- Draft Law No. 14062 (government-backed) proposes a security-focused framework with screening triggers for critical infrastructure, strategic minerals, and military or dual-use production. If adopted, the regime would likely be centralized and based on national security criteria. The draft includes an FDI Commission, aligning with the government’s recent decision to establish such a body. For further details, see our earlier alert, available here.
- Draft Law No. 14062-1 (alternative model) is more risk-oriented and assigns a key role to the Antimonopoly Committee of Ukraine. If adopted, competition and market analysis factors would play a greater role in screening, likely increasing the focus on economic risk factors.
Current publicly available information suggests Draft Law No. 14062 (the first option) is the preferred model for legislators. However, features from Draft Law No. 14062-1 may still make their way into the final framework with the backing of businesses and international partners.
We will continue to monitor the developments and keep you informed.
For more information, please contact Yulia Eismont, Counsel and Head of Competition & State Aid in Kyiv, Ukraine at yulia.eismont@kinstellar.com.
