Ukraine’s Rule of Law in Action: A Key Win for Foreign Investors

In a significant test of regulatory integrity, Ukraine’s Antimonopoly Committee (AMCU) has successfully defended its decision to approve the sale of two large cement plants to CRH, a global building materials company headquartered in Ireland.

The twist? This was not a typical case of merger blocking. The deal had already gone through years ago — CRH lawfully acquired the plants with AMCU approval and unprecedented obligations. However, in 2023, Ukrainian construction giant Kovalska sought to overturn that approval, claiming the deal had harmed competition.

Ukraine’s judiciary has now spoken — twice. Both the first-instance court and the appellate court rejected Kovalska’s claims last week, confirming that the AMCU acted lawfully and that there are no grounds to revoke the deal.

Why this matters — especially for foreign investors:

✅ Foreign Investment Defended: CRH’s acquisition was upheld despite local resistance, showing that Ukraine’s institutions can protect foreign capital from post-facto legal actions.

✅ Independent Courts: The judiciary based its decisions on legal and competitive analysis — not political or business pressure — reinforcing the image of a more impartial legal system.

✅ Regulatory Credibility: The AMCU’s consistent defence of its position signals strength, not weakness. It stood firm even when challenged by a strong domestic player with media reach and lobbying weight.

While some worry that the public dispute damages Ukraine’s image, it’s exactly the opposite: this ruling shows that Ukraine is becoming a place where rules, not relationships, govern business decisions. For any international investor — especially during wartime — that’s a milestone.

One legal victory won’t fix everything. But it’s a strong step toward restoring trust in Ukraine’s institutions and investment climate.