Why should I do business in Ukraine?
- Ukraine is one of the largest countries (by surface area) in Europe, and it’s well located.
- It has one of the largest markets in mainland Europe, with a population of over 4 million
- Specialised markets – the workforce in Ukraine specialise in STEM (science, technology, engineering and mathematics)
- Ukraine contains 6 cities with a population of over 1 million, including, Kiev, Kharkiv, Dnipropetrovsk and Odessa
- UK businesses are present in Ukraine: companies include GlaxoSmithKline, Marks and Spencers, BP and Shell
- The UK export market to Ukraine is estimated to be over £450 million
*Adapted from the ‘Doing Business in Ukraine guide‘
Due to recent sanctions over the past year in Ukraine, it is increasingly difficult to trade and do business within Ukrainian markets. This has meant that contracts have become redundant, and there are restrictions on entities and businesses operating and trading in Ukraine.
At Trade Finance Global, we have compiled a country guide on trading in Ukraine (http://www.tradefinanceglobal.com/countries/ukraine/), as a result of President Viktor Yanukovych deciding not to sign an agreement with the EU in 2013 to allow it to become closer to Russia. This has caused tensions between Crimea and the rest of the nation.
In summary there has been:
- More sanctions since March 2014 between corporations in Russia and Ukraine
- The disappearance of flight MH370 in 2014 and the shooting down of an aircraft over Ukraine has increased political unrest
- The EU implemented economic sanctions against Russia in 2015. This meant that EU businesses could not export to or import from Russia
Read our Trade Finance Global Ukraine guide to find out more if you export or import in Ukraine.
This post was written by James Sinclair from Trade Finance Global (http://www.tradefinanceglobal.com, experts in global trade and exporting.)