Experts at YouControl analyzed the structure of foreign ownership in Ukrainian businesses and found that Cypriot co-owners play one of the most prominent roles in the national economy, particularly in the agricultural, energy, and trade sectors.
According to the study, Cypriot citizens and companies act as co-owners in 7,174 Ukrainian enterprises. Of these, 1,595 companies reported positive revenue in the first three quarters of 2025, with total revenue amounting to UAH 1.53 trillion — exceeding the combined revenue of companies with co-owners from the United Kingdom or the Baltic states.
Where Cypriot Investors Dominate
The highest concentration of companies with Cypriot co-owners is recorded in:
- Kyiv — 3,761 companies,
- Dnipropetrovsk region — 588,
- Odesa region — 415.
At the same time, 3,126 companies are part of 509 corporate groups, including leading groups such as Privat Group, Dragon Capital, and the group associated with Serhiy Khrypkov and Andriy Hordiienko.
Largest Companies with Cypriot Co-Owners by Revenue
According to YouControl analysts, the top 10 companies by revenue for the first three quarters of 2025 with Cypriot co-ownership include both major industrial players and large retail chains:
- MHP — revenue of UAH 42.21 billion,
- Nova Poshta — approximately UAH 38 billion,
- Energy assets DTEK Zakhidenergo and Southern Mining and Processing Plant — with combined revenue of UAH 53.63 billion.
The ranking also includes major retail chains such as EVA, VARUS, and Aurora.
Why Cyprus?
Cyprus remains one of the preferred jurisdictions for investors due to:
- relatively low tax rates,
- simplified business registration procedures,
- a developed legal infrastructure for international investment.
Analysts note that such ownership models not only facilitate access to the Ukrainian market but also enhance companies’ export and investment potential, particularly in capital-intensive sectors.
Risks and Specific Considerations
The study also indicates that 315 companies with ownership structures involving Cypriot jurisdictions have references to sanctions-related risks, while 115 enterprises include owners with ties to Russia, requiring additional compliance analysis and risk assessment.
Conclusion
Cyprus continues to serve as a key hub for structuring foreign capital in Ukrainian business, with co-owners from this jurisdiction participating in thousands of companies generating billions of hryvnias in revenue. This reflects not only historical ties but also the continued integration of Ukrainian companies into global financial networks.
