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Kinstellar and Strategy Council deliver the 4th Defence Tech Forum in London
In a recent event held at the Royal United Services Institute, Kinstellar and the Strategy Council, working in partnership with the Embassy of Ukraine in the United Kingdom, co-organised the 4th Defence Tech Forum in London, Financing Joint UK-Ukraine DefenceTech Development and Co-production. Following opening remarks by Stephen Butler, Managing Director of Strategy Council, Daniel Bilak, Partner at Kinstellar Ukraine, framed the event’s two-fold purpose: first, to highlight the significant step-change in UK-Ukraine private sector defence cooperation over the past year under the UK-Ukraine 100-year partnership; second and equally important, to present the investment potential of Ukraine’s defence-tech sector to
Regional Competition Law Update – Q3 2025
Kinstellar’s Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new “call-in” powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
EU adopts 19th sanctions package against Russia
On 23 October 2025, following a European Commission proposal issued on 19 September 2025 and extended negotiations among Member States, the Council of the EU adopted its 19th sanctions package against Russia in response to its ongoing aggression against Ukraine. The latest package reinforces existing restrictions targeting Russia’s military-industrial complex, energy sector and financial system, building on the measures introduced under the 18th package. It further strengthens the EU’s efforts to combat circumvention, including by designating additional entities and individuals located in third countries. In parallel, the EU has adopted additional sanctions against Belarus, including trade-related measures
Ukraine’s sanctions maze: Why challenging sanctions rarely succeeds
Ukraine currently maintains one of the largest sanctions lists in Europe, comprising roughly 21,000 entries but with only 114 removals over the past decade. Sanctions have become a central instrument of national security policy in response to persistent external threats. At the same time, the likelihood of successfully overturning a designation remains extremely limited. How sanctions are imposed Under current law, the National Security and Defense Council of Ukraine (the “NSDC”) is the primary body responsible for initiating and approving sanctions proposals. These proposals may originate from the President, the Verkhovna Rada of Ukraine (Ukraine’s parliament), or other state authorities such as the Cabinet
Ukraine takes steps towards FDI screening law
Ukraine's parliament has registered a draft law “On the Screening of Foreign Direct Investments” (the “FDI Draft”), which, in line with EU standards, seeks to establish mandatory screening mechanisms for foreign investments into sensitive sectors. At this stage, the FDI Draft has only been registered as draft legislation, and thus its prospects for adoption remain unclear. Its alignment with EU standards enhances the likelihood of eventual adoption; however, the wartime context may affect both the timing of the legislative process and the substance of the final law. The draft law provides for the following framework: Sectors Foreign investments will require screening if directed toward companies
Investment into Ukraine: Capital repatriation regime and currency control restrictions
Despite the ongoing war and significant challenges, the Ukrainian legal framework continues to encourage an open and flexible investment environment. Specifically, it expressly recognizes a wide variety of investment forms and ways to repatriate investments. Below we summarize the current status of capital control rules as they apply to the key types of investment instruments. Click on one of the images below or use the following links to read our overview in English or in Ukrainian: Download in English Download in Ukrainian
Defence City: New opportunities for the defence industry
On 21 August 2025, two laws were adopted in Ukraine on the creation of Defence City*. Defence City is a special tax and legal regime that provides a number of benefits and easements for companies working in Ukraine’s defence industry. The laws will enter into force one month after the date of their publication following their signing by the President of Ukraine and will be valid until 1 January 2036 or until Ukraine joins the EU (whichever comes first). Below we provide an overview of the new laws, including on benefits for Defence City residents, eligibility criteria, and relevant procedures. Click on one of the images below or use the following links to read our overview in English or in Ukrainian.
Overview of the Law on Factoring: New opportunities for business financing in Ukraine
The Law of Ukraine "On Factoring" No. 4466-IX dated 3 June 2025 (the "Law") introduces a comprehensive update to existing laws governing factoring. The goal of the Law is to align Ukrainian regulations with best international standards and to establish a modern, digital, and transparent model for interaction in the receivables financing market through the assignment of monetary claims. What changes will the country’s financial markets experience due to the Law’s adoption? What new tools will Ukrainian businesses gain? The Law will take effect less than one year from now, on 30 July 2026. We offer here an overview of its key provisions, including the innovations it introduces. Click on one of the images
Public–private partnership reform in Ukraine
On 30 July 2025, the President of Ukraine signed Law No. 7508, aimed at optimising the mechanism for attracting private investment into post-war infrastructure recovery efforts through public-private partnerships (PPPs). The law, save for a few exceptions, will come into force three months after its official publication. The reforms enact a new version of the Law “On Public-Private Partnership” and also introduce significant changes to the Law “On Concessions”, along with related laws governing urban planning, highways, land relations, railway transport, and other sectors. Below we summarize the key innovations: 1. Expansion of PPP usage and concessionsOpening up additional entry points for private
New legal framework for explosives and ammunition in Ukraine
New rules governing the production, procurement, and supply of explosives and ammunition came into effect in July 2025. Their goal is to simplify regulatory procedures for manufacturers. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Amendments to currency restrictions in Ukraine create new opportunities to attract foreign capital
On 6–7 August 2025, a new package of changes to currency restrictions in Ukraine came into force. The National Bank of Ukraine (the "NBU") introduced currency restrictions in February 2022, following the onset of Russia’s full-scale invasion. Below we highlight the key changes introduced by the new amendments. 1. New opportunities for income repatriation The NBU now allows the transfer of dividends to foreign investors that have accrued since 1 January 2023, compared to the previous rule that allowed dividends for 2024 only. However, such payments remain subject to existing requirements to make the transfer directly to the investor’s foreign account with a monthly limit of EUR 1 million (or equivalent).
Ukraine greenlights strategic & critical minerals lists to support national security and boost investment
On 14 July 2025, the Cabinet of Ministers of Ukraine (CMU) approved the Lists of Minerals and Components of Strategic and Critical Importance (Resolution No. 845, or the Lists). Resolution No. 845 classifies minerals into two categories: strategic minerals (those crucial for the national security of Ukraine and its economic prosperity), comprising 11 elements (e.g., uranium, titanium and strontium) and critical minerals (those essential for modern technologies), comprising 28 elements (e.g., lithium, rare earth ores and cesium). The above categorisations were developed in accordance with the Updated National Program for the Development of the Mineral Resources Base of Ukraine for the Period up to 2030, adopted in December