Monday, January 19, 2026
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. January 2026. The survey aims to assess the current state of business, companies’ priorities, challenges, and forecasts for 2026.
AmCham members continue to demonstrate strong resilience and long-term commitment to Ukraine, with 90% of companies being fully operational.
The human and physical toll of war remains significant. Nearly half of respondents (47%) report damage to their assets. Among those affected, 47% have fully repaired their assets, 34% have partially repaired them, while 19% report that damaged facilities remain unrepaired. Fifty-seven percent of companies report that they have instances of employees injured during the war, and 38% report instances of employees killed.
Eighty-five percent of companies have employees currently serving in the Armed Forces of Ukraine, while 64% already employ veterans who previously served.
Looking at business performance, nearly four out of five respondents (79%) report growth or stable results in their 2025 fiscal year, while 21% indicate a decline.
Expectations for the future remain cautiously optimistic: 61% of companies plan to expand their business in Ukraine in 2026. When comparing 2026 business expectations to 2025, the majority of respondents (90%) anticipate either growth or stable performance, while only 10% foresee a decline. Compared to pre-war levels, 68% of companies expect their business to grow or remain stable in 2026, whereas 32% anticipate lower performance.
“After four years of devastating war and energy problems from the full-scale invasion, Ukrainian businesses continue to demonstrate exceptional resilience and operational excellence. The adaptability of Ukrainian companies allows us to view the business climate with cautious optimism. Our research findings confirm this: 61% of respondents expect to grow their business in 2026. The key challenges and priorities remain unchanged: security, energy stability, and the physical and mental well-being of employees,” said Alexander McWhorter, AmCham Ukraine Board of Directors Vice Chair, Citi Ukraine Country Officer.
In communications with global headquarters, companies are increasingly forward-looking: 38% are sending the message to invest now and scale up, 25% encourage joining Ukraine’s recovery to capture first-mover advantage, and 18% recommend staying and cautiously supporting operations in the country.
Safety and workforce challenges continue to dominate the business agenda. The top challenges cited by companies include: safety and security of employees (79%), Russia’s missile attacks on vital infrastructure and business assets (63%), conscripts’ reservation (61%), employees’ health and mental well-being (47%), and disruptions in utility services (electricity, water, etc.) (45%). Workforce-related challenges are led by employees’ safety (76%), conscription of employees (66%), labor shortages (46%), mental health and burnout (44%), and retention of key staff (24%).
When asked what steps the Ukrainian Government should take to significantly help businesses on the ground in 2026, companies overwhelmingly prioritized ensuring the rule of law, fighting corruption, and implementing real and effective judicial reform (86%). Other key priorities include strengthening national security and defense and demining Ukrainian territory (47%), ensuring predictability and stability of tax legislation (44%), accelerating EU-aligned reforms and harmonizing with European standards (38%), and ensuring clear and transparent conscripts’ reservation procedure (24%).
“US and international companies are not waiting for the war to end to make decisions about Ukraine. With 61% planning to expand in 2026, the message to headquarters is straightforward: invest now and scale up and join Ukraine’s recovery to capture first-mover advantage. However, this confidence must be matched by progress in ensuring the rule of law, fighting against corruption, and implementing real and effective judicial reform”, commented Andy Hunder, President of the American Chamber of Commerce in Ukraine.
Ninety-six percent of respondents support transferring frozen Russian assets to Ukraine. Among them, 50% believe these assets should be primarily used to strengthen Ukraine’s defense and demining efforts, followed by economic recovery and housing reconstruction (26%), and recovery of vital infrastructure (24%).
Regarding the geopolitical outlook, 44% of companies believe a ceasefire or sustainable peace agreement is possible in 2026, while 38% see it as more likely in 2027, and 18% believe it may occur only after 2027.
The survey highlights that the new normal of doing business during wartime in Ukraine is defined by permanent risk management and built-in resilience. The most frequently cited elements of the new normal are employee safety and business continuity planning, stronger reliance on partnerships and stakeholder cooperation, and remote or hybrid work models with flexible schedules. Businesses are also adapting through shorter planning horizons and scenario-based decision-making, greater operational agility, and a strong focus on people's resilience and well-being. Additional measures include supply chain diversification, energy resilience, and tighter financial discipline, reflecting a shift from crisis response to long-term adaptive operating models.
One hundred thirty-seven CEOs and top managers from AmCham member companies participated in the survey, representing a diverse range of industries. Seventy-two percent are CEOs, and 28% are top managers.
DETAILED SURVEY RESULTS ARE AVAILABLE HERE
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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/
Contact person:
Yuliana Chyzhova, AmCham Ukraine Communications Director, ychyzhova@chamber.ua
