Skip to content

ukraine as a market

Since 24th of February, 2022 Ukraine has been struggling against the Russian full-scale invasion. While the first several first months the country was in shock trying to cope economically, since late spring the society has started to adopt to the war time economics. In fact the last few months, the Ukrainian export figures have started to rise. 

Nevertheless, the key economic sectors are severely affected by war. In total, since the beginning of the war, more than 400 enterprises have been damaged or destroyed by Russian shelling. The important industrial base in the East remains occupied by the Russians. 

The Russian military, unable to win the war on the battlefield, is targeting the Ukrainian energy infrastructure, thus trying to cripple the economy and scare the Ukrainian population into submission. About 15 out of 95 heat and power central stations, 4 big electric stations and 350 boiler houses have been hit and damaged on different levels, leading to frequent power cuts in the major cities. 

Ukraine is actively restoring the damaged and deoccupied areas – building the roads, bridges, repairs of the energy infrastructure objects, repair of the damaged private and public buildings – houses, schools, hospitals. The massive influx of help from across the globe and EU candidacy provides hope and direction and the Ukrainian government is working closely with EU institutions to further integrate Ukraine with the EU Single Market Regulation.  

Traditionally, the key areas that attracted the Danish investment to Ukraine were the energy sector, agriculture and IT that constitute a substantial part of the Ukrainian economy. Contrary to what might been expected, a lot of Danish companies are able to maintain and in some cases expand their business activities in Ukraine. It is important to bear in mind that Ukraine is a huge country and that a lot of Central and Western Ukraine has been able to continue agricultural and industrial production as before the war. 

The Trade Council of Denmark in Ukraine stands ready to assist Danish companies in relation to business development, advice on export and investment financing, contact facilitation etc. 

The Trade Council at the Embassy can be contacted between 9 a.m. and 4 p.m. Meeting by appointment only. For further details, please click here.

Market Information

Find links to the market and sector reports, figures, analysis and newsletters on Most of the reports are in English.