June 23, 2026
On the eve of the Ukraine Recovery Conference in Gdansk, Poland, the American Chamber of Commerce in Ukraine, jointly with Citi Ukraine, presents the results of the latest survey Doing Business in Wartime Ukraine. Designed to capture the realities of doing business during wartime, this survey explores how companies in Ukraine are navigating operational disruptions, workforce pressures, investment decisions, and recovery planning during Russia’s full-scale war. The survey also examines business expectations for Ukraine’s economic outlook, reform priorities, and long-term investment potential.
Ninety-two percent of AmCham member companies are fully operational after more than 4 years of Russia's full-scale war in Ukraine, demonstrating remarkable resilience and adaptability. Almost 70% of member companies that took part in the survey have been operating in Ukraine for over 20 years.
Nearly half of responding companies (47%) reported that their plants, factories, facilities, warehouses, or offices have been damaged during the war. Among those affected, 46% have fully repaired damaged assets, while 39% have completed partial repairs. The human toll on businesses has been equally severe. Half of the surveyed companies (50%) reported instances of employees injured as a result of the war, while 37% said they have had instances of employees killed.
Businesses remain deeply connected to the country's defense effort. Eighty-seven percent of companies reported that they have employees currently serving in the Armed Forces of Ukraine. In addition, 60% of surveyed businesses already employ veterans.
Seventy-one percent of surveyed companies have either already implemented comprehensive veteran reintegration policies and initiatives (24%), are currently developing them (20%), or have introduced initial support measures (27%) to facilitate the return of employees demobilized from military service.
According to the survey, 87% of companies reported that their financial performance in the second quarter of 2026 was either unchanged or stronger 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 has remained stable or improved. Meanwhile, 37% indicated that their performance remains below pre-war levels.
Business confidence is also reflected in investment plans. More than eight in ten companies (87%) reported that their planned investments in Ukraine for 2026 will either remain unchanged (54%) or increase (33%) compared to 2025.
“The report vividly demonstrates what we witness on the ground every single day: the extraordinary resilience, adaptability, and unwavering determination of the business community in Ukraine. Despite the challenges of the ongoing war, companies are not just surviving – they are effectively managing risks, adapting their operations, and looking toward the future. At Citi, we are proud to stand shoulder to shoulder with businesses in Ukraine as they navigate these unprecedented times, proving that the country’s economic fabric remains strong, deeply integrated with global markets, and ready for future recovery”, commented Alexander McWhorter, AmCham Ukraine Board of Directors Vice Chair, Citi Ukraine Country Officer.
The safety and security of employees emerged as the leading business challenge, cited by 82% of respondents. This was followed by challenges related to employees’ conscription and reservation processes (71%) and the continued threat posed by Russia's missile attacks on critical infrastructure and business assets (63%). Companies also identified employees' health and mental well-being (50%) and the ability to attract and retain top talent (44%) among their key business challenges.
Companies continue to face considerable workforce-related challenges, with employees’ safety (77%) and the conscription of employees (68%) ranking as the most pressing.
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 non-Ukrainian employees to address workforce needs in Ukraine. A further 25% remain undecided, while only 12% are actively considering recruiting international employees.
Nearly half of respondents (44%) describe their current operating mindset as cautious continuity, while 23% are pursuing selective expansion and 12% report aggressive growth and investment plans. Another 12% remain in crisis management mode, and 9% are positioning Ukraine as a future regional growth hub.
Looking ahead, 80% of companies expect Ukraine's business climate to remain in a survival/resilience mode through the end of 2026. Only 12% anticipate early recovery, while 3% foresee a stable growth phase.
Respondents also remain cautious about the geopolitical outlook, with 68% saying a ceasefire or sustainable peace agreement is unlikely in 2026, compared with 32% who believe it is possible.
When asked what steps the Ukrainian government should take to significantly support business in 2026, four in five companies (80%) cited ensuring rule of law, fighting corruption, and implementing real and effective judicial reform as the top priority. More than half (55%) called for strengthening national security and defense, and demining of Ukrainian territory, while 44% emphasized the need to ensure predictability and stability of tax legislation.
“Companies that have operated in Ukraine for decades are not stepping back; they are looking ahead. Despite Russia’s brutal attacks, businesses remain firmly committed to Ukraine – 92% are fully operational, and 87% continue to invest or increase investment. The message from business is clear: to accelerate recovery and growth, Ukraine must deliver stronger rule of law, improved security, and predictable tax policy,” said Andy Hunder, President of the American Chamber of Commerce in Ukraine.
Ukraine’s recovery. When asked what best describes companies’ view of Ukraine in 2026, nearly half of respondents (45%) characterized the country as a resilient but unpredictable market. At the same time, 21% see Ukraine as one of Europe’s most promising future growth markets, while 18% view it primarily as a high-risk survival market, and 16% as a market preparing for recovery.
Regarding the timing of economic recovery, half of the respondents (50%) expect it to become clearly visible within 2-3 years after the war ends. Another 18% believe a gradual recovery is already underway, while 16% see 2026–2027 as a potential turning point for growth, and 16% believe recovery has not yet started.
The business community identified defense and military technology (78%) and infrastructure and construction (71%) as the sectors most likely to drive Ukraine’s post-war recovery, followed by energy and distributed generation (50%) and agriculture and food processing (45%). IT and the digital economy (23%) and manufacturing and industrial production (20%) were also highlighted as important contributors to future growth.
Respondents see Ukraine’s attractiveness for existing and potential investors primarily in its long-term growth potential. Large-scale reconstruction opportunities and post-war economic recovery were identified as the strongest investment drivers (76%), followed by Ukraine’s EU accession path and integration into the European market (49%). The growth potential of the defense and military technology sector was also cited as a key attraction by 39% of respondents.
At the same time, businesses identified several significant barriers to participating in reconstruction efforts. The most frequently cited challenges were the security of reconstruction sites (56%), limited information and transparency regarding projects (55%), and an unclear legal and tendering framework (55%).
One hundred twelve business leaders of AmCham member companies representing diverse industries participated in the survey, conducted on May 21 – June 16, 2026. 69% of the respondents are CEOs.
DETAILED SURVEY RESULTS ARE AVAILABLE HERE.
About AmCham Ukraine:
The American Chamber of Commerce is Ukraine's most influential international business association that has been serving 600 members in Ukraine since 1992, delivering the shared voice of US, international, and Ukrainian companies, who invested over $50 billion in Ukraine and remain committed to the country.
About Citi Ukraine:
Citi Ukraine (JSC Citibank) has had a presence in the country for more than 25 years, serving multinationals, large Ukrainian corporations, some public sector in the country, and mid-sized clientele. Citi Ukraine offers coverage of all aspects of cash and liquidity management, trade services and finance, treasury services, corporate finance and lending, securities services, and issuer services. In 2020, JSC Citibank obtained the Expert Rating Credit Agency's highest credit rating of AAA on the national scale and was recognized Best Corporate/Institutional Digital Bank in Ukraine by Global Finance World's Best Digital Bank Awards 2020 as well as Market Leader in Ukraine by Euromoney Cash Management Survey 2020 for corporates.
https://www.citibank.com/icg/sa/emea/ukraine/english/
Contact person:
Yuliana Chyzhova, AmCham Ukraine Communications Director, ychyzhova@chamber.ua.
