Tuesday, July 8, 2025
On the eve of the Ukraine Recovery Conference in Rome, Italy, on July 10-11, the American Chamber of Commerce in Ukraine (AmCham Ukraine), jointly with member company Citi Ukraine, presents the results of the latest survey Doing Business in Wartime Ukraine. July 2025. Designed to capture the pulse of the business landscape in Ukraine, this survey explores current sentiments, expectations, and challenges, offering insights to help strengthen business operations and accelerate the nation's recovery efforts.
OPERATIONS IN UKRAINE. Ninety-one percent of AmCham member companies are fully operational after more than 3 years of Russia's full-scale war in Ukraine, and 9% operate partially, demonstrating remarkable resilience and adaptability. Seventy-four percent of companies operate in a hybrid format (offline & remote), while 20% have returned to offline operations (in the office). Meanwhile, 6% of companies continue to operate remotely (home office).
WAR IMPACT ON BUSINESS. A vast majority (88%) of AmCham Ukraine members have employees currently serving in the Armed Forces of Ukraine. Twelve percent of companies report having no employees currently in military service.
Over half (53%) of member companies report damaged assets as a result of Russia’s full-scale war in Ukraine, including plants, factories, facilities, warehouses, and offices. Meanwhile, 47% of companies indicate their assets have not sustained physical damage.
The business representatives were asked a difficult question about the safety and security of employees. Forty percent of respondents said that all of their companies' employees are safe. There are painful numbers also, with 60% of companies having instances of employees injured and 46% having instances of employees killed.
"Businesses continue to believe in Ukraine. Companies showcase extraordinary resilience and agility, with 68% expecting their financial performance to remain stable or improve by the end of 2025. The biggest challenge and top priority for businesses is the safety and security of employees and assets. We are committed to supporting both companies already operating in Ukraine and those exploring market entry. We stand ready to amplify their voice at the highest levels in Ukraine and globally, helping them open up investment opportunities and be a part of the country's recovery and reconstruction," said Andy Hunder, President of the American Chamber of Commerce in Ukraine.
FINANCIAL PERFORMANCE. The vast majority (79%) of member companies reported either growth or flat financial performance in Q2 2025 compared to Q2 2024, while 21% encountered a drop. Compared to pre-war levels in 2021, 66% of companies reported financial growth or flat results in Q2 2025, while 34% experienced a decline.
Looking ahead, 84% of companies expect growth or stable revenues by the end of 2025 relative to EoY 2024, and only 16% anticipate a drop. In response to a question regarding companies' financial outlook for the end of 2025 relative to pre-war level (2021), 68% of AmCham Ukraine member companies expect either growth or flat performance, while 32% anticipate a drop.
BUSINESS STRATEGY. Companies shared their views on business strategy for the next three years. Over half (53%) of companies plan to grow naturally via business-as-usual mode, 37% plan business expansion via CapEx and new products/services, and 2% are considering acquisitions in Ukraine.
“I am impressed by the incredible resilience of Ukrainian businesses amidst the ongoing war. It's truly remarkable that 91% of AmCham Ukraine members remain operational after more than three years of conflict, with many employees bravely serving in the Armed Forces. Despite the significant challenges, including asset damage, it's heartening to see that a strong majority are experiencing growth or stability. Their dedication and professionalism during these times are commendable. We hope that companies around the world see the reality of what is happening on the ground and seriously consider potential opportunities in Ukraine,” said Alexander McWhorter, AmCham Ukraine Board of Directors Vice Chair, Citi Ukraine Country Officer.
BUSINESS CHALLENGES. The biggest business challenges for companies with regard to doing business in Ukraine are the following: safety and security of employees – 83%; conscripts reservation – 66%; employees' health and mental well-being – 55%; Russia's missile attacks on vital infrastructure and business assets – 50%; attracting and retaining top talent – 43%.
BUSINESS EXPECTATIONS. Respondents expressed expectations regarding Ukraine’s business climate by the end of 2025. More than half (53%) of AmCham Ukraine member companies expect conditions to remain flat, continuing in a business-as-usual mode. At the same time, 29% anticipate some deterioration compared to 2024. Sixteen percent of respondents foresee moderate growth, while 2% expect a significant recovery.
Seventy percent of businesses do not expect a ceasefire or significant de-escalation in 2025. Meanwhile, 30% expressed hope for progress toward a potential ceasefire or de-escalation.
The top-3 steps the Ukrainian Government should take to significantly help businesses on the ground in 2025 are the following: strengthen national security and defense, and demining of Ukrainian territory (68%), ensure rule of law, implement real and effective judicial reform (53%), ensure predictability and stability of tax legislation (44%).
UKRAINE’S RECOVERY. AmCham Ukraine member companies highlight key reasons why Ukraine might be interesting for existing and potential investors, among which are: investment opportunities on the path to the largest economic recovery since WWII (particularly through the newly established United States-Ukraine Reconstruction Investment Fund) – 64%, favorable labor cost-to-talent ratio – 59%, market scale and the EU accession process – 55%, global leader in agriculture – 53%, defense industrial champion – 45%.
Respondents identified the most common obstacles to engaging in reconstruction efforts: unclear legal/tendering framework (60%), security of reconstruction sites (58%), lack of information or transparency on projects (51%).
One hundred twenty-two business leaders of AmCham member companies representing diverse industries participated in the survey, conducted on June 11 – July 1, 2025. 72% of the respondents are CEOs.
DETAILED SURVEY RESULTS ARE AVAILABLE HERE: https://chamber.ua/news/amcham-citi-survey-results-doing-business-in-wartime-ukraine-july-2025/
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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/
