A report released by the American Chamber of Commerce in Ukraine (AmCham) paints a picture of the country’s wartime economy and business challenges as Moscow’s full-scale invasion of Ukraine enters its third year – an economy where some businesses continue to thrive despite setbacks.

“Ukraine remains open for business, with 86 percent of AmCham members being fully operational after two years of Russia’s full-scale invasion. The security of staff and judicial reform are the highest priorities for business,” said AmCham Ukraine President Andy Hunder.

The report found that 86 percent of the members interviewed – namely 125 CEOs and top managers – continue functioning after the invasion, while 12 percent continue to operate partially.


Seven percent of those interviewed also reported having assets under Russian occupation.

Regarding wartime damages, 30 percent reported damages resulting from the invasion. Of these, 75 percent reported minor damages and another 25 percent reported “unrepairable damage.”

Some companies reported staff casualties, with 31 percent of those interviewed reporting instances of employees injured and 29 percent reporting instances of employees killed.

Of all companies interviewed, 84 percent said they have employees currently serving in the Armed Forces of Ukraine (AFU), but it wasn’t immediately clear if the casualty rate includes those in the military.

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The threat from drones, loitering munitions and precision-guided weapons applies as much to artillery systems as it does to tanks and other armored vehicles.

Most of the pressing challenges the businesses interviewed are facing are directly related to the war, followed by economic and operational concerns that are less directly connected to the invasion.

“The biggest business challenges for companies for the next six months are the following: safety and security of staff (85 percent), employees’ health and mental well-being (70 percent), Russia's missile attacks on vital infrastructure and business assets (61 percent), attracting and retaining top talent (56 percent), and economic and consumer recession (54 percent),” reads the report.


Those interviewed also voiced their desire for the government to take appropriate steps to “help businesses on the ground,” namely to implement real and effective judicial reform, ensure clear and transparent reservation procedures, and strengthen national security and defense and the demining of Ukrainian territory.

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