The energy situation, staff shortages, market contraction, and ongoing changes in the legislative and regulatory environment are the key challenges faced by European and international companies operating in Ukraine.Anna Derevyanko, Executive Director of the European Business Association (EBA), spoke during an extraordinary session on the situation in Ukraine's energy sector and economy of the Kyiv Security Forum, organized by Arseniy Yatsenyuk "Open Ukraine" Foundation.

"Many companies are under enormous pressure due to the performance of the energy sector. Electricity availability is only part of the problem; the other is its cost, which is currently higher than in neighboring countries and impacts the competitiveness of Ukrainian businesses," Anna Derevyanko explained.

She also noted a shortage of personnel, which significantly complicates company operations, as well as a contraction in market size due to the departure of part of the population and ongoing mobilization.

In addition, the EBA representative highlighted a decline in domestic demand caused by demographic changes, smuggling, and illegal schemes, which affect business profitability, as well as ongoing changes in legislation and a lack of predictability, which significantly complicate business planning.

Despite the challenges, Anna Derevyanko notes that most companies remain cautiously optimistic about 2026. According to the EBA, 99% of the association’s members plan to stay in Ukraine, 77% anticipate revenue growth next year, and 20% of companies intend to make significant capital investments, provided that the security and economic situation is stable.

She also emphasized the need to create conditions for attracting new investors who have not yet operated in Ukraine. "The main incentive for investors is the war end. If the conflict continues, additional incentives are required, such as access to financing, a market for products, and stable conditions for doing business," Anna Derevyanko said.

According to the EBA's Executive Director, the key factors to successfully attract investors are the rule of law, the fight against corruption, and transparent rules of the game for all companies: "We need to move away from populism and toward mature politics. Zero tolerance for corruption and an effective law enforcement system will be the keys to success and integration into the EU."