Today's Contents
Reporter's Notepad:
- URN mulls a new series of articles on investment projects
- 5 tips for investors in Ukraine's reconstruction, from the long-time head of Forvis Mazars in Kyiv
Just The Facts:
- US, Russia start talks on Ukraine, Black Sea maritime ceasefire in Saudi Arabia
- Privatization of Ukrgasbank and Sense Bank 'not realistic' this year, says NBU deputy governor
- Ukrainian Railways' online systems hit by 'large-scale, targeted cyberattack'
- Veon signs deal with Airspan to collaborate on air-to-land network solutions aiding Ukraine
- Ukraine's finance minister warns of 'damaging' consequences if EU fails to renew duty-free trade deal
Here's What They Think:
- The Conversation: US unlikely to lead Ukraine's post-war recovery
- EU Observer: US, EU should pursue a tripartite deal for Ukraine's minerals
Sober Second Thought:
- 1 in 5 Ukrainian refugees in neighboring states lives below the poverty line, survey finds
The Rebuilders' Social
- Social media posts about former US ambassador to Ukraine Geoffrey Pyatt, the Ukraine–Korea Reconstruction Cooperation Forum in Seoul, DTEK's new fashion line inspired by war-time energy sector workers, and more.
Dear subscribers,
Want a Regular Spot on Ukraine Rebuild Newswire?
Below is the latest installment in our ongoing Tips for Investors series of articles, which has proven quite popular.
First, though, I wanted to gauge interest in another series of articles we're developing.
This series, tentatively called "2 Yays & a Nay," will examine specific reconstruction-related investment opportunities. (It's a condensed, politer version of Shark Tank, but for print.)
Ukraine Rebuild Newswire will interview the initiators of a specific project looking for backing, then write a 4-6 paragraph summary and attach the project specifications.
We would then ask relevant experts to come up with two brief and breezy positive notes about the project, followed by a negative note. (The war is an implied "Nay" already, which is why we have one Nay and two Yays).
Are you one of those experts?
The first project we're examining will be a planned solar park, followed by a warehouse project.
Please email Adam Brown at adam.brown@ukrainerebuildnews.com if you would like to hear more about the articles and consider becoming a regular participant in the series.
Thanks
Now for the Tips for Investors article ...
5 tips for investors in Ukraine's reconstruction, from the long-time head of Forvis Mazars in Kyiv
Gregoire Dattee has spent the past 16 years in Ukraine as managing partner of global professional services network Mazars and then Forvis Mazars, a global partnership created last year by Mazars and US-based Forvis.
Throughout that time, the company has provided audit, accounting and payroll, financial advisory, consulting, tax and legal services to scores of companies in Ukraine, both domestic and foreign.
Forvis Mazars in Ukraine is now focusing on the coming $500 billion - $1 trillion reconstruction predicted to come when a lasting peace is achieved. And Gregoire
is a big proponent of the early mover advantage.
When considering investing in Ukraine, he says, many companies struggle to create an accurate picture due to distortions in the media, extreme caution on the part of government travel advisories. That can easily be dispelled, he says, by local knowledge.
Speak to the right people, read the right media and, above all, visit Ukraine yourself, he said.
Gregoire's Five Tips for Foreign Investors
#1 - Watch Companies with a History in Ukraine
"There is a major gap in perception between companies that have been operating here since before the war and the companies that have never been here."
"Foreign investors that were operating in Ukraine before the war, are still present.
Most have not left the country, and many are even continuing to develop investment projects and invest money during the war. Some are acquiring competitors - the cement industry, for instance. An investor who is already in Ukraine does not plan to leave - quite the opposite. He understands the market from the inside, and is very keen to continue developing."
"In contrast, today we see more hesitation among investors who have not experienced Ukraine yet."
#2 - See Kyiv for Yourself
"Personally, I feel safe in Kyiv. Statistically, the chances of running into a war-related issue here seem lower than getting hit by a scooter on a sidewalk in Paris or Berlin. Of course, the risk of being affected by missile strikes exists, but in everyday life, it feels low."
"The most difficult part of traveling to Ukraine, I would say, is the travel time. Since air travel is closed, you need, on average, 24 hours to travel from Western Europe to Kyiv."
"The websites of Embassies and Ministries of Foreign Affairs recommend to prohibit business travel to Ukraine. I consider it important to make the distinction between touristic and business trips. A trip to develop a project is totally different."
#3 - It's Very Easy to Meet People in Kyiv
"People are very open, and this is an appealing reason to visit. So come to Ukraine for even just a two-day trip. In 48 hours you can meet a lot of people. And not only a potential provider, client, or partner – you will be able to meet people from the ministries, from the government, from the state agencies involved in the reconstruction of Ukraine, business associations, professional associations in your sector, industry associations."
"So it's really worth it – you can make valuable contacts that will help you develop a strong project."
#4 - Get Past Concerns About Financial Challenges and Risk
"An objection that is usually raised is that there is no financing and it's super risky to invest in Ukraine. But I'm convinced that, if the project is clear, well-structured and solid, financing won't be the #1 problem. If the project really answers a need for the reconstruction, there will be a way to find financing."
"It's the same with risk - there are more and more tools and instruments to cover the war risk so it's less and less of a key problem."
"So try not to focus on thoughts like, 'I don’t have the money, and it feels too risky."
"Develop your project first. With a strong project, the aspects of financing and risk will be addressed."
#5 - When the Reconstruction Starts in Earnest, Resources Will Be Scarce
"When peace comes and the reconstruction begins in full force, it may be challenging and too late to find the necessary resources — such as labor and materials. There will be significant competition for these resources, including human capital."
"This is a huge issue. It's important to start preparing and securing resources in advance, which is exactly what we are working on at Forvis Mazars."
"If you want to find the right person for your project, you have to do that now. This is not only a question of volume, but of quality. The top talent will likely be taken in the next few months, or a year from now."
And now on with the headlines of the day ...
US, Russia start talks on Ukraine, Black Sea maritime ceasefire in Saudi Arabia
US and Russian officials began talks on Monday in Riyadh to discuss a broad ceasefire in Ukraine, with the US looking at a separate Black Sea maritime ceasefire deal as an initial step, Reuters reported.
The US delegation is led by Andrew Peek, a senior director at the White House National Security Council, and Michael Anton, a senior State Department official, the report said, citing an unnamed official.
Russia is represented by Grigory Karasin, a former diplomat who is now chair of the Russian Federation Council's Foreign Affairs Committee, and by Sergei Beseda, an adviser to the director of the Federal Security Service, according to Reuters.
White House National Security Adviser Mike Waltz told CBS' "Face the Nation" on Sunday the officials will discuss "the line of control" between the two countries, outlining it as "verification measures, peacekeeping, freezing the lines where they are."
The US envoys and Ukraine's representatives held talks on Sunday in Riyadh to discuss proposals to protect energy facilities and critical infrastructure in the war with Russia, Ukraine's Defense Minister Rustem Umerov said in a post on Facebook.
These negotiations come after US President Donald Trump last week had phone calls with both Putin and Ukraine's President Volodymyr Zelensky, securing a 30-day halt on attacks on energy infrastructure between the two countries.
The agreed partial ceasefire, however, quickly came into question, as both sides reported ongoing strikes, according to media reports.
Privatization of Ukrgasbank and Sense Bank 'not realistic' this year, says NBU deputy governor
The privatization of state-owned Ukrgasbank and Sense Bank is unlikely to happen this year due to the lengthy process involved, Kateryna Rozhkova, first deputy governor of the National Bank of Ukraine (NBU), said in an interview with Interfax-Ukraine.
"In my opinion, the privatization of the first state-owned banks is simply physically unrealistic this year, because it is a long process," Rozhkova said.
"Of course, this process will take longer than in the private sector–at least nine months to a year. In general, there are chances (for sale), and they are quite high," she said, adding that Ukrgasbank is one of the few banks with Ukrainian capital that has made serious progress in implementing ESG.
The privatization process was made possible after the Ukrainian government passed a law in October 2024 outlining special conditions for the sale of state-owned banks, according to a report from Interfax-Ukraine. Ukraine has committed to reducing the state's share in the banking sector, which grew to 56% during the war, as part of its economic and financial policy commitments under the IMF's Extended Fund Facility (EFF) program.
As of early 2025, Ukrgasbank ranked fifth among Ukraine's 61 banks by assets, with UAH 213.72 billion ($5.1 billion), while Sense Bank ranked ninth (UAH 143.73 billion), the report said.
Commenting on interest from foreign investors in the Ukrainian banking sector, Rozhkova said in the interview, "there was interest in Idea Bank and potential interest in Sense Bank among international banking groups already present in Ukraine to strengthen their positions through inorganic growth."
She added: "It is premature to talk about significant external interest as a development investment, but it will definitely appear."
Last November, CMS, the international law firm, published a short review of recent legal changes that would allow the Ukrainian government to reportedly sell Sense Bank and Ukrgasbank. Around the same time, URN Daily reported from the ReBuild Ukraine conference in Warsaw that the sale could involve, in some capacity, the European Bank for Reconstruction and Development and Rothschild & Co.
Privatization of Ukrgasbank and Sense Bank 'not realistic' this year, says NBU deputy governor
The privatization of state-owned Ukrgasbank and Sense Bank is unlikely to happen this year due to the lengthy process involved, Kateryna Rozhkova, first deputy governor of the National Bank of Ukraine (NBU), said in an interview with Interfax-Ukraine.
"In my opinion, the privatization of the first state-owned banks is simply physically unrealistic this year, because it is a long process," Rozhkova said.
"Of course, this process will take longer than in the private sector–at least nine months to a year. In general, there are chances (for sale), and they are quite high," she said, adding that Ukrgasbank is one of the few banks with Ukrainian capital that has made serious progress in implementing ESG.
The privatization process was made possible after the Ukrainian government passed a law in October 2024 outlining special conditions for the sale of state-owned banks, according to a report from Interfax-Ukraine. Ukraine has committed to reducing the state's share in the banking sector, which grew to 56% during the war, as part of its economic and financial policy commitments under the IMF's Extended Fund Facility (EFF) program.
As of early 2025, Ukrgasbank ranked fifth among Ukraine's 61 banks by assets, with UAH 213.72 billion ($5.1 billion), while Sense Bank ranked ninth (UAH 143.73 billion), the report said.
Commenting on interest from foreign investors in the Ukrainian banking sector, Rozhkova said in the interview, "there was interest in Idea Bank and potential interest in Sense Bank among international banking groups already present in Ukraine to strengthen their positions through inorganic growth."
She added: "It is premature to talk about significant external interest as a development investment, but it will definitely appear."
Last November, CMS, the international law firm, published a short review of recent legal changes that would allow the Ukrainian government to reportedly sell Sense Bank and Ukrgasbank. Around the same time, URN Daily reported from the ReBuild Ukraine conference in Warsaw that the sale could involve, in some capacity, the European Bank for Reconstruction and Development and Rothschild & Co.
Veon signs deal with Airspan to collaborate on air-to-land network solutions aiding Ukraine
Veon said it has signed a memorandum of understanding with a US-based provider of Open RAN solutions and network infrastructure Airspan Networks Holdings.
The partnership will focus on developing, deploying, and testing network solutions designed to strengthen communications infrastructure in extreme conditions, according to Veon. By leveraging advanced wireless technologies like Open RAN and air-to-land network solutions, this collaboration aims to enhance resilience and connectivity.
"Veon and Kyivstar have committed to investing $1 billion to rebuild Ukraine's digital infrastructure over 2023-2027. This includes upgrading and expanding our mobile network and equipping it with most advanced capabilities to keep Ukraine connected such as Open RAN, direct-to-cell satellite connectivity, and air-to-land solutions," said Veon CEO Kaan Terzioglu.
Earlier this month, Veon signed a business combination agreement with special purpose acquisition company Cohen Circle that will result in the listing of Ukraine's leading digital operator, Kyivstar, on Nasdaq.
Ukraine's finance minister warns of 'damaging' consequences if EU fails to renew duty-free trade deal
Ukraine's Finance Minister Serhiy Marchenko told the Financial Times that Ukraine could face "really damaging" consequences if the EU does not renew its duty-free trade deal.
Emergency European Union trade measures that lifted duties and quotas on Ukrainian exports are due to expire on June 5. Revenues from exports to the EU under those measures accounted for almost 10% of the country's $41 billion export revenue in 2024, the report said, citing government data
"The European Union is our key trade partner, and that's why it would be really damaging for us if we (found) ourselves in a situation which we had before the war," Marchenko said.
Resistance to broadening market access for Ukraine remains strongest among the country's neighbors, particularly Poland, Hungary, Slovakia, and Bulgaria, which have imposed unilateral bans on some Ukrainian agricultural imports in the past, in violation of EU's common trade policy, according to the report.
Last week, Ukraine's Agriculture Minister Vitaliy Koval said during a meeting with his Polish counterpart, Czesław Siekierski, that "Ukraine needs to clearly understand the further conditions of access to the EU market." He added that Poland, which currently holds the Council of the European Union presidency, "has every opportunity to become a leader in this process."
As the broader negotiations under Article 29 of the EU trade framework stalled, a temporary renewal of the current deal is seen as the most viable short-term solution, the report said, citing an EU official.
A spokesperson for the European Commission told the publication that it will "soon" present Ukraine with proposals to "advance reciprocal tariff liberalization."
Marchenko stated that a potential loss of revenue from trade would coincide with Ukraine facing uncertainty over continued US military and financial assistance. "Without support from the United States we'd be in a very dramatic situation . . . because we cannot easily substitute," he said.
The Conversation: US unlikely to lead Ukraine's post-war recovery
Although today's Ukraine is in many aspects similar to the Western European nations that benefited from the US effort to rebuild the continent following World War II through the Marshall Plan, US global leadership has substantially changed since 1948 - so much so that the US is not likely to head Ukraine's post-war-reconstruction, Frank A. Blazich Jr., curator of Military History at National Museum of American History, Smithsonian Institution, wrote in an op-ed for The Conversation.
Blazich wrote that direct US taxpayer funding for Ukraine's reconstruction appears impossible and that any plan to rebuild the war-torn country will require public funding from a number of countries as well as significant private investment. He noted that the European Union has the bureaucratic and economic resources necessary for Ukraine's reconstruction. "Any future Marshall Plan for Ukraine will probably be European," Blazich wrote.
EU Observer: US, EU should pursue a tripartite deal for Ukraine's minerals
Instead of competing for access to Ukraine's critical minerals, the US and the European Union should seek a tripartite deal for the benefit of themselves but also of Ukraine, Patrick Schröder, a senior research fellow at Chatham House, wrote in an op-ed for the EU Observer.
This would strengthen supply chain security, boost investment in Ukraine, and support geopolitical stability, according to Schröder. It would also allow the EU and the US to combine financial and technological resources while sharing the risks of long-term investment in a conflict-affected region, Schröder wrote.
1 in 5 Ukrainian refugees in neighboring states lives below the poverty line, survey finds
One in five Ukrainian refugees in neighboring countries still lives with income below the poverty line although their overall financial vulnerability has declined in 2024, a survey conducted by the UN Refugee Agency (UNHCR) showed.
When accounting for the disproportionately high housing costs refugees face—mainly due to high homeownership rates among locals—the poverty rate climbs to 40%, over three times that of host communities, as per the survey.
Households with vulnerable members are more likely to experience poverty than the broader refugee population. Nearly half of those living with an older adult (65+) reported an equivalized disposable income below the poverty threshold. For those in households with a disabled member or someone with mental health and psychosocial support needs, the rates were 41% and 27%, respectively, according to UNHCR.
The latest survey highlights a strong connection between employment and poverty. In households with no employed members, the poverty rate is 62%, while it falls to 10% when at least one person is working. However, after adjusting for high housing costs, the poverty rate for employed households rises to 25%—more than twice that of the host population.
The average monthly equivalized household income of Ukrainian refugees across seven surveyed countries rose by 38% from last year, reaching €763. This growth far outpaced the 4% increase in the regional poverty threshold during the same period, the survey found.
Despite a 28% increase in the regional weighted average wage for refugees in 2024, it remains 47% lower than that of the local population. On average, Ukrainians earn about half as much as their hosts for the same hours worked. This wage gap is especially stark given that over half of working-age Ukrainian refugees hold advanced degrees, compared to just 27% of the host population, the UNHCR said.
UNHCR said that governments, development agencies, and humanitarian organizations should consider poverty levels when designing support programs for Ukrainian refugees. Household income directly impacts daily living conditions, safety, and access to essential services, the agency noted.
Social Media Posts
Ukraine Reconstruction Meeting in Seoul
Vladyslava Magaletska, senior adviser to the president of Enterra Solutions, posted a review of the Ukraine–Korea Reconstruction Cooperation Forum in Seoul, which drew "over 130 key stakeholders from Ukraine and South Korea."
"As part of the Ukrainian delegation, it was especially rewarding to witness the collaboration between the Ukrainian technology brand SHERP and the Korean industrial giant Hyundai — a powerful example of how Ukrainian solutions can be integrated into global value chains."
Ukraine IT Sector Expands Share of Exports
Valeriya Ionan, deputy minister for Eurointegration at the Ministry of Digital Transformation of Ukraine, said the IT industry paid over $1 billion in taxes in 2024.
The contribution made it the only one of the country's top 5 export sectors "that has increased its share in total exports over the past five years," she said, adding that Ukraine exports IT services to 147 countries.
Economy Minister Highlights Trailer Maker TAD
Ukrainian Economy Minister Yulia Svyrydenko highlighted the Ukrainian company TAD, which produces trailers and semi-trailers for heavy cargo and is participating in a state compensation program.
For example, when purchasing a trailer from TAD, buyers receive 15% of the cost back from the state, she said, adding that "this year, the company plans to expand production facilities by more than 10,000 square meters, creating 200-250 new jobs."
Challenges of Exporting to the EU
BDO in Ukraine promoted a new article on its website looking at the main challenges for exporters to the European Union and how Ukraine can integrate more effectively into the EU market.
The article looks at logistical challenges, competition, tariffs, and other challenges, as well as possible help for exporters including expansion of financial support programs, support for SMEs entering the EU market and the search for new markets.
Ex US Ambassador to Ukraine Pyatt Takes Reconstruction-Related Role
Geoffrey Pyatt, who served as US ambassador to Ukraine from 2013 to 2016 and most recently, as the Biden admin's assistant secretary of state for energy resources, said he is joining global strategic advisory firm McLarty Associates.
Pyatt will launch the firm's practice on energy and critical minerals, taking on a role that will, among other things, look ahead to the "energy, minerals, and infrastructure challenges of a post-conflict Ukraine reconstruction."
Fashion Inspired by War-Time Energy Sector Workers
Yaryna Skorokhod, who works in government relations and communications at DTEK, the largest private investor in Ukraine's energy sector, promoted a new clothing line designed in collaboration with Kyiv-based fashion company Damirli to commemorate "Ukrainian energy workers who restore power during the war."
"The main piece is a jacket designed with elements of real energy uniforms," she posted. "Its message — Fight for Light — speaks to the everyday courage of those who work quietly but do something incredibly important."
URN Daily: Sense Bank and Ukrgasbank for sale? And US seeks to cancel $4.7 billion of Ukraine's debt
