Ukraine is once again preparing to introduce a formal screening regime for FDI – a move that has reignited debate among investors, lawyers, and policymakers. In late September 2025, Parliament registered the first draft law on FDI screening, which quickly drew significant attention and mixed reactions. Just two weeks later, however, an alternative draft was submitted, offering a noticeably different, and potentially more balanced, vision for how Ukraine should monitor foreign investments.

Schoenherr has advised Vienna Insurance Group on the International Finance Corporation’s equity investment in two Ukrainian non-life insurance companies, USG and Kniazha, belonging to the VIG group.

On 28 November 2025 the Cabinet of Ministers of Ukraine, by its Resolution no.1541, adopted a regulation introducing the first state mechanism for (i) partial compensation of the value of business property destroyed or damaged as a result of Russia’s armed aggression and (ii) partial compensation of insurance premiums under war-risk insurance policies (the “Regulation”). This Regulation enters into force on the day of its publication and the budget-funded compensation schemes provided for therein will apply from 1 January 2026.

Redcliffe Partners and Clifford Chance have advised the Kingspan Group on its acquisition of Mercor’s natural smoke exhaust and fire ventilation business in a transaction spanning Spain, Ukraine, the United Kingdom, Romania, Hungary, the Czech Republic, Slovakia, and Poland. White & Case, and reportedly Avellum, advised Mercor.

Ukraine’s legal market continues to operate under the shadow of the war, where reconstruction planning and defense-sector expansion dominate nearly every strategic discussion, according to Baker McKenzie Partner Lina Nemchenko, who observes that both clients and law firms are positioning themselves for the post-war landscape.

Ukraine’s Cabinet of Ministers have approved new mechanism that will provide state support for businesses that have suffered losses as a result of hostilities or that have obtained war-risk insurance. Resolution No. 1541 of 28 November 2025 establishes programs (for damage and for war-risk insurance) to be launched on 1 January 2026 and administered by the Export Credit Agency (ECA). Businesses can participate in one or both programs.

On 3 December 2025, the European Commission designated the russian federation as a high-risk third country with strategic deficiencies in its anti-money laundering and counter-terrorist financing (“AML/CFT”) frameworks.

Integrites Co-founding Partner Ruslan Bernatsky has left the firm and will continue his career with IC Partners, an investment firm he established earlier in 2025. Following Bernatsky's departure, Integrites has announced it is rebranding to Impacta Law.

Ilyashev & Partners has successfully represented a former employee of JSC Ukrzaliznytsia in proceedings before the Supreme Court, which overturned an earlier appellate ruling ordering the former employee to pay more than UAH 7.5 million in alleged property damages.

On 18 November 2025, the OECD Council approved the 2025 Update to the OECD Model Tax Convention (the “2025 Update”). The update provides for very limited changes to the text of the Model Tax Convention itself, clarifying the operation of the General Agreement on Trade in Services in certain Mutual Agreement Procedure situations under the convention.

Asters has advised AIRO Group Holdings on establishing a transatlantic defence joint venture with Ukraine-based Nord Drone Group. 

Havel & Partners has advised PortfoLion Capital Partners on its EUR 30 million investment in GymBeam in a round carried out together with the EBRD. CMS advised the EBRD. Allen Overy Shearman Sterling advised Crowdberry as the existing investor. AKF Legal, and reportedly Dentons, advised GymBeam. 

Ilyashev & Partners has advised the International Institute of Cultural Diplomacy on securing rights to publish 18 children’s books by Czech illustrator and author Miroslav Sasek in Ukraine.

Despite ongoing wartime conditions, bankruptcy proceedings remain an effective mechanism in Ukraine, allowing businesses to lawfully cease unprofitable operations and redistribute assets. At the same time, reforms have not yet produced the expected increase in efficiency, with proceedings remaining excessively lengthy and the level of creditor recovery remaining low.

Sayenko Kharenko has advised the European Bank for Reconstruction and Development on a EUR 11 million long-term secured loan to Karpaty Mineral Waters, supporting the construction and commissioning of a new greenfield beverage production facility in the Lviv region.

The Antimonopoly Committee of Ukraine (AMC) has issued an important update for parties who filed merger or concerted practice notifications during the early months of the war.

The Law of Ukraine No. 4576-IX of 21 August 2025, “On Amendments to the Civil Code of Ukraine and Certain Other Laws of Ukraine Regarding the Specifics of Providing Information from Public Electronic Registers Administered by the Ministry of Justice of Ukraine and Certain Other Public Electronic Registers” (“the Law”) entered into force.

Dentons has advised Ukrainian agribusiness company I&U Group on the restructuring of up to USD 40 million in loans owed to a consortium of lenders. Redcliffe Partners, working with Asserson, reportedly advised EBRD and BSTDB on the lend-side.