Today's Newsletter Contents
Reporter's Notepad:
- 3 Things You Need to Join the Rebuild, from a Long-Time CEO in Ukraine
Just The Facts:
- Kyiv in early stage talks over security guarantees, foreign ministry says
- Ukrnafta wins regulatory nod to acquire owner of Shell gas stations in Ukraine, CEO says
- Spain's Grupo Fuertes bids against MHP in race for Uvesa takeover
- Ukraine courts private investors for reconstruction as Trump pushes for peace
- EBRD lends €10 million to Ukraine's Ternopil for new trolleybuses, grants €3 million for district heating
- LG Sonic CEO urges international cooperation to address water security in Ukraine
Here's What They Think:
- The Curious Case of Freedom: Pro-Ukrainian influencers risk alienating US allies with shift in content
- Kyiv Post: AI-generated war images risk eroding trust in Ukraine's struggle
- The Moscow Times: West's call for Ukraine to lower draft age risks sacrificing a generation
Sober Second Thought:
- Attacks on education facilities in Ukraine double in 2024, analysis finds

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3 Things You Need to Join the Rebuild, from a Long-Time CEO in Ukraine
The German-Ukrainian Chamber of Industry and Commerce, (AHK Ukraine), routinely hosts low-key but highly informative chats for its members. Ukraine Rebuild Newswire usually finds news value in them, as well as human interest.
In the latest chat, BASF Ukraine CEO Tiberiu Dima, a Romanian who has been working in Ukraine since 2013, offers frank, open-eyed advice to businesses considering joining the reconstruction of Ukraine. It's the type of material meant for Reporter's Notepad.
To do business in Ukraine, he said, you need three things:
"A very good lawyer or law firm. A very good, experienced chief accountant or financial manager or financial director. And, absolutely, join a business association."
1 - Lawyer - "The legal landscape in Ukraine is very complex, and it has created absolutely amazing legal professionals. And this is necessary - you will face legal needs. The fiscal code is complicated."
2 - Accountant - "And you need a very good chief accountant to keep your papers in order. Otherwise, your company might be closed. You might get your accounts blocked, or get a lot of fines."
3 - Business Association - "This is where you will find the right forum to exchange, to network, to ask for support and to have your voice heard at the level of the administration. (ed - Dima is also president of the Ukraine-based European Business Association.)
'Local flavor'
"The fiscal code is very, very complex in Ukraine, and the labor law is very complex and outdated," Dima said. "I learned that we need to keep some documents for 75 years, just to give you some some small details and flavor.
"Also, Ukrainian entrepreneurs have a very specific way of negotiating. It's fascinating, but when you when you face it for the first time, it looks a bit like they're coming from a very extreme position, just to make sure there is a lot of room to negotiate.
"Despite all these cultural differences, once you establish your partners, and once you have agreed on a deal, you'll have a loyal partner. But it's always going to be bumpy. It's never going to be easy. There's always going to be discussions and costs and emotions. So get prepared if you want to do business in Ukraine to have emotional discussions with your customers and partners."
Still, he said, things have improved rapidly and continue to improve.
"Those who have been doing business in Ukraine for a longer time may remember the show - you get the economic police coming into your office, immediately arresting the managing director and chief accountant, and they're asking questions. Sometimes for no reason, or only because you upset some competitor. But those times are gone."

Kyiv in early stage talks over security guarantees, foreign ministry says
Kyiv is in early stage talks with allies on the possibility of placing peacekeeping troops in Ukraine to act as a security guarantee, foreign ministry spokesperson Heorhii Tykhyi told reporters in Kyiv.
"Yes, the discussion is ongoing about... the military contingents of foreign powers, foreign nations that can be potentially deployed to Ukraine," Tykhyi said.
Tykhyi said the discussions are in "very early stages," and it was "too early to talk about exact numbers," according to a Reuters report.
Foreign boots on the ground is one part of broader security guarantees, Tykhyi said.
"We think that durable, reliable security guarantees for Ukraine must include both Europe and the United States. This is how we can ensure that this peace is sustainable and durable."
From its side, the Kremlin has rejected the idea of NATO countries sending peacekeepers to Ukraine, saying that it could cause an "uncontrollable escalation," Reuters reported separately, citing Foreign Ministry spokeswoman Maria Zakharova at a press briefing.
During his panel discussion in Davos on Tuesday, Ukraine's President Volodymyr Zelensky called for stronger security guarantees, estimating that Ukraine would need 200,000 peacekeepers.
Zelensky indicated during an interview with Bloomberg that he is ready to negotiate with Russian President Vladimir Putin, given US President Donald Trump would commit to protecting Ukraine.
"The only question is what security guarantees and honestly I want to have understanding before the talks," Zelensky said, adding: "If he [Trump] can guarantee this strong and irreversible security for Ukraine, we will move along this diplomatic path."
Ukrnafta wins regulatory nod to acquire owner of Shell gas stations in Ukraine, CEO says
Ukrnafta CEO Serhiy Koretsky announced that his company received regulatory approvals to acquire a 51% stake in Alliance Holding, which owns a network of gas stations under the Shell brand in Ukraine.
The network includes 118 operating gas stations and other properties. Financial details were not disclosed.
Ukrnafta first announced the acquisition in November, adding that all gas stations will be re-branded within a year and the terms of existing B2B agreements will be fully adhered to.
"This will allow the state-owned enterprise to strengthen its position in the market to reliably meet the needs of society and the Defense Forces of Ukraine," Koretsky said via Facebook.
In a separate Facebook post, Koretsky announced that Ukrnafta has increased gas output in 2024 by 6.5% to 1.17 billion cubic meters from 1.097 cubic meters. As for oil output in 2024, it increased by 0.6% reaching 1.418 million tons compares to 1.410 million tons in 2023.
"Despite prolonged power outages that limited mechanized oil production, the company managed not only to compensate for the natural decline, but also to ensure an increase in oil and gas volumes," Koretsky stated.
Spain's Grupo Fuertes bids against MHP in race for Uvesa takeover
Agri-food business Grupo Fuertes has submitted a takeover offer for Spanish poultry business Uvesa, after an offer by Ukraine's largest poultry producer, MHP. Financial terms of the offer were not disclosed.
"Grupo Fuertes has made this purchase offer to Uvesa and it has been communicated to their shareholders," a spokesperson from Grupo Fuertes, also from Spain, told Just Food.
In December, MHP said it had submitted a binding offer to acquire Uvesa. The acquisition was subject to 50.01% approval from shareholders and regulatory approvals.
"This acquisition is another strategic step in the journey of MHP, which is consolidating its position as an important player in the global food industry, whilst also securing a strategic long-term investor for Uvesa Group," said MHP at the time.
Besides raising and processing poultry, Uvesa raises and processes pigs and owns various animal feed manufacturing centers, according to its website. The company, which says it has more than 1,500 shareholders, didn't immediately comment on its site on the takeover offer.
Ukraine courts private investors for reconstruction as Trump pushes for peace
Ukrainian officials are courting private investors seeking reconstruction investments as Kyiv steps up privatization plans to attract foreign direct investments.
Ukraine's First Deputy Economy Minister Oleksiy Sobolev said on the sidelines of World Economic Forum's annual meeting in Davos that "it's the right time right now to open the bigger companies."
He estimated that Ukraine's recovery efforts would require around $500 billion, in line with World Bank estimates from 2024.
"It's the private sector that's going to be doing these investments," Sobolev said, according to a Reuters report.
During a panel discussion in Davos, Ukraine's Foreign Minister Andrii Sybiha stated that the continuous Russian "special military operation" in Ukraine since February 2022 has resulted in estimated damages of around €600 billion.
Separately, US President Donald Trump addressed Davos on Thursday, stating that he wants to end the war in Ukraine.
"Our efforts to secure a peace settlement between Russia and Ukraine are now, hopefully underway," Trump said. "It's so important to get that done."
EBRD lends €10 million to Ukraine's Ternopil for new trolleybuses, grants €3 million for district heating
The European Bank for Reconstruction and Development (EBRD) said it is providing a €10 million loan to Ternopilelectrotrans, a public transport operator in Ukraine's western city of Ternopil, for the procurement of new trolleybuses.
Ternopilelectrotrans will use the funding to modernize its fleet with up to 39 new energy-efficient, low-floor vehicles, along with updated maintenance and diagnostic equipment.
The project will also upgrade the electricity supply for the rolling stock by modernizing a substation, reducing annual emissions by 7,570 tonnes of CO₂ equivalent, 1.2 tonnes of nitrogen oxides, and 0.12 tonnes of particulate matter, EBRD said in a press release on Thursday.
The loan will be co-financed by a €4 million investment grant from Canada and backed by a 25% guarantee from Spain. Ternopil will contribute at least €1 million in Ternopilelectrotrans' equity, as per the statement.
Separately, Ternopilmiskteplokomunenergo, a district heating system operator in Ternopil, will also receive additional grant financing of €3 million from the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund, a grant fund launched by international donors to co-finance investments in Ukraine's municipal sector. This raises the total E5P grant contribution to Ternopilmiskteplokomunenergo to €8 million.
The E5P grant top-up will help fund the modernization of the district heating system and the implementation of distributed co-generation using renewable energy sources, EBRD stated.
Longer reads
LG Sonic CEO urges international cooperation to address water security in Ukraine
Damage to Ukraine's water and irrigation systems due to the Russian invasion now totals about $716.8 million, Yousef Yousef, CEO of LG Sonic, a Dutch solutions provider for control of algal blooms on large water surfaces, wrote in an op-ed for the World Economic Forum.
That represents a crisis that goes beyond financial loss to directly jeopardize the survival of communities dependent on clean water, he said.
A study by LG Sonic, part of the Netherlands Water Partnership's Ukraine Water Public Private Partnership (UWP3), highlights the dire state of Ukraine's freshwater systems.
By analyzing chlorophyll and phycocyanin levels—indicators of aquatic health—in the five reservoirs of the Dnieper Cascade, the report revealed that, between 2021 and 2023, phycocyanin levels consistently exceeded the World Health Organization's safety threshold of 30 micrograms per liter, signaling declining water quality, and rising toxicity risks.
Ukraine's crisis serves as a warning to the world, Yousef said. Poor water infrastructure, climate instability, and unsustainable groundwater use have left 4 billion people facing severe water stress annually. This global challenge demands urgent solutions to ensure water security and prevent future crises.
The future presents three paths, Yousef argued: maintaining the status quo and patching failing systems, doubling down on energy-intensive technologies like desalination, or pursuing a collaborative, climate-focused approach. The third option—centered on international cooperation—offers the most promise.
The Netherlands Water Partnership provides a blueprint for addressing such challenges through public-private collaboration, he wrote.
Initiatives like UWP3 combine global expertise, advanced water-monitoring technology, and shared resources to rebuild Ukraine's water sector and safeguard its ecosystems. LG Sonic's use of vertical profiling technology, for instance, exemplifies how innovative solutions can mitigate water quality decline while laying the foundation for sustainable management, Yousef wrote.
This collaborative model has already proven effective in other crisis-hit regions, such as Bangladesh, Egypt, and Mozambique, and applying it in Ukraine offers an opportunity to set a global standard for post-conflict water security and resilience. Water, as the foundation of life and civilization, demands a response as interconnected as the ecosystems it sustains.

The Curious Case of Freedom: Pro-Ukrainian influencers risk alienating US allies with shift in content
Pro-Ukrainian social media have shifted their focus from combating Russian propaganda to mocking the United States' new president, Donald Trump, which could risk alienating American allies and reducing support for Ukraine, according to an op-ed published by the Curious Case of Freedom blog.
Kyiv Post: AI-generated war images risk eroding trust in Ukraine's struggle
Fake AI-generated images are spreading on social media, showing emotional or patriotic scenes about Ukraine's war, which risk misleading the public and undermining trust, according to an op-ed published by the Kyiv Post.
The author highlights the danger of these fabrication, some possibly linked to Russian disinformation campaigns, and calls for greater public awareness to counter their impact.
The Moscow Times: West's call for Ukraine to lower draft age risks sacrificing a generation
The West's push for Ukraine to lower its draft age to 18 risks sacrificing a shrinking generation to buy time for NATO's hesitation and Europe's rearmament, with experts warning that drafting younger Ukrainians would offer little military advantage and could spark a future demographic crisis, Elena Davlikanova, a Democracy Fellow with the Center for European Policy Analysis, wrote in an op-ed for the Moscow Times.
What Ukraine truly needs is not more inexperienced conscripts but decisive Western action: increased military aid, unrestricted use of advanced weaponry, and tougher sanctions to undermine Russia's war machine, Davlikanova wrote, noting that without bold decisions, the West risks not only Ukraine's future but also the ideals of democracy and human dignity it claims to defend.

Attacks on education facilities in Ukraine double in 2024, analysis finds
Verified attacks on educational facilities in Ukraine more than doubled in 2024, leaving thousands of children learning online, out of school altogether, or in underground classrooms, as nearly three years of accumulated learning losses persist, according to an analysis by Save the Children.
The analysis found 576 educational facilities in Ukraine—including schools, kindergartens, and universities—were damaged or destroyed in 2024, compared to 256 in 2023, the NGO said in a press release.
Some parents living near the front lines in Ukraine have told Save the Children that frequent attacks on educational facilities make them afraid to send their children to school, with some caregivers opting not to enroll their children due to safety concerns.
The war has disrupted the education of approximately 4 million children—representing the vast majority of students nationwide, Save the Children said.
Around 600,000 students now rely on remote learning, unable to attend in-person classes or interact with their friends and teachers due to the ongoing threat of attacks. Many schools are either too close to the frontline, facing the risk of bombings, or lack adequate protective shelters.
A study conducted by Save the Children with children and adults in conflict-affected regions in southern, eastern, and northern Ukraine reveals that most children lack access to face-to-face learning, with 75% of parents surveyed reporting that their children primarily rely on remote learning.
The research highlights significant risks of learning loss, as many parents report challenges in accessing quality education. Key obstacles include poor internet connectivity, frequent disruptions caused by air raid alerts, and limited social interaction with peers.
Ongoing strikes on Ukraine's energy infrastructure this winter further threaten children's education. Estimates suggest that children learning exclusively online could lose between 60 and 160 hours of instruction per month due to power outages and internet disruptions.
The long-term effects of the war on children's academic performance are already evident. According to a 2024 assessment by the State Service for Education Quality of Ukraine, while 6th graders showed slight improvement, test scores declined for 8th graders and students learning remotely or through hybrid formats.
To address these challenges, cities in Ukraine facing daily attacks are beginning to construct underground schools to provide children with face-to-face learning opportunities, according to Save the Children. For example, in Kharkiv, eastern Ukraine, schools are being set up within the metro system, allowing children to attend a few hours of in-person classes while also interacting with friends and classmates.
Save the Children conducted a Multi-Sector Needs Assessment with 858 adults and 15 children living in Sumska, Kharkivska, Mykolaivska, Khersonska, Dnipropetrovska, Zaporizizka, and Donetsk regions in November 2024. The analysis on the state of educational facilities was sourced from that assessment, the NGO stated.

Help for Mykolaiv
Kristina Mikulova, Head of Regional Hub for Eastern Europe at European Investment Bank, posted about a visit to Mykolaiv which, she said, reminded her of the "incredible resilience and transformative power of meaningful investments."
Projects supported by the EIB and others, mainly Denmark, aim to modernize the water sector in the city and, with DTEK, develop a wind energy plant that strengthens both the country's energy independence and green transition, she said.
Opportunities for Dutch Companies
Reinoud Nuijten, senior adviser for international trade at the Netherlands Enterprise Agency (RVO), the government agency that helps businesses expand domestically and abroad, recapped a two-day visit to the EBRD in London to explore opportunities for Dutch business in the reconstruction of Ukraine.
He said key opportunities include renewables projects like hydropower, large wastewater and irrigation projects, Green Cities initiatives in Kyiv, Lvivi and Dnipro focused on urban sustainability as well as sustainable farming, logistics, and agricultural technologies and more.
Plenty of Workers in IT Sector
The IT Ukraine Association highlighted an article about the resilience of Ukraine's IT sector amid war, with plentiful skilled labor, advancing European integration and the newly opened GotTech center, the second in the world.
"Unlike other industries, the IT sector does not suffer from a shortage of candidates as there are more candidates than vacancies on popular job search websites. Ukrainian IT companies have tradition ally been popular among foreign clients due to the optimal price-quality ratio of Ukrainian specialists."
Investment Guide
Capital Times, a Ukrainian investment bank, announced that it has released a guide for foreign investors in Ukraine, with "key forecasts, analytical reviews, and insights that will be useful to both investors and business owners."
Energy Security
DiXi Group, a Ukrainian think tank, and the Florence School of Regulation promoted a policy brief on supporting Ukraine's energy sector, with an emphasis on strengthening the physical and cyber security of energy facilities, addressing distortions in tariffs and closing funding gaps.
"Despite the challenges, the current situation opens a window of opportunity to transform Ukraine’s energy sector and align it with EU standards. Unified efforts, long-term international support, and a clear strategy will enable Ukraine to build a modern, resilient, and integrated energy system."

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